The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2012,
Question:
a. Prepare the closing entries for December 31. (It is not necessary to use control accounts and subsidiary ledgers.)
b. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ended December 31.
c. Prepare the Fund Balance Section of the December 31 Balance Sheet assuming there are no restricted or committed net resources and the outstanding encumbrances are for capitaladditions.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
Question Posted: