Question: What would be my closing Journal entries for this pre-closing TB City of Smithville Street Improvement Fund Pre-Closing Trial Balance For year 2017 Cash $1,345,000

What would be my closing Journal entries for this pre-closing TB
City of Smithville
Street Improvement Fund
Pre-Closing Trial Balance
For year 2017
Cash $1,345,000
Accrued Sales Taxes Receivable $450,000
Vouchers Payable 2,067,500
Encumbrances Outstanding-Elm Street Project 2,100,000
Other Financing Sources-Proceeds of Bonds 2,070,000
Construction Expenditures-Elm Street Project 3,242,500
Encumbrances-Elm Street Project 2,100,000

Step by Step Solution

★★★★★

3.39 Rating (180 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The closing entry process involves crediting an Income Summary account with all ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1019-B-C-A-C-P-A(4107).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

CLOSING JOURNAL ENTRIES Prepare closing journal entries for Medina Company for the year ended December 31. Data for the closing entries are as follows: Factory overhead, debit and credit balance...

ADJUSTING, CLOSING, AND REVERSING ENTRIES A partial work sheet for Baldwin Company is shown on the next page. Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to...

CLOSING JOURNAL ENTRIES Prepare closing journal entries for Armour Company for the year ended December 31. Data for the closing entries are as follows: Factory overhead, debit and credit balance...

what would be my closing Journal entries for this pre-closing TB City of Smithville Street Improvement Fund Pre-Closing Trial Balance For year 2017 Cash $1,345,000 Accrued Sales Taxes Receivable...

Verify the accuracy of all your preceding entries in the Street ImprovementFund and governmental activities general journals, then click [Post Entries] of each entity to post the entries to the...

please write down the journal entries step by step. Chapter 7 Recording Transactions Affecting the Enterprise Fund and Business-type Activities The City of Smithville accounts for its solid waste...

5. [Para. 5-b-5] Vouchers payable accumulated to date were paid on April 10, 2014. Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals....

What are the closing entries for the Street Improvement Fund Account and what would the Balance Sheet look like? Chapter 5 Recording Capital Asset Transactions Street Improvement Capital Projects...

City of Smithville, Chapter 6, 17th etition, journal entries: Accounts available: Cash, Taxes Recievalbe, Allowance for Uncollectible current taxes, Taxes Recievable - Delinquent Allowance for...

a. At a product price of $56, will this firm produce in the short run? Why or why not? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Explain. What...

The solid beam shown in Figure 2 is subjected to a concentrated load P at its center. Assume that El is constant for the bear. (a) Determine the support reaction and internal forces from equation of...

You have been given this probability distribution for the holding - period return for KMP stock: What is the expected variance for KMP stock? 6 6 . 0 4 % 6 9 . 9 6 % 7 7 . 0 4 % 6 3 . 7 2 % 7 8 . 4 5...

Californias State Board of Equalization imposed a higher tax on alcopops, flavored beers containing more than 0.5% alcohol-based flavorings, such as vanilla extract (Guy L. Smith, On Regulation of...

Solve Laplace's equation by separation of variables in cylindrical coordinates, assuming there is no dependence on z (cylindrical symmetry). [Make sure you find all solutions to the radial equation;...

Find the potential outside an infinitely long metal pipe, of radius R, placed at right angles to an otherwise uniform electric field E0. Find the surface charge induced on the pipe.

Charge density ?? () = a sin 5 (where a is a constant) is glued over the surface of an infinite cylinder of radius R (Fig. 3.25). Find the potential inside and outside the cylinder. R

Hubbard Industries just paid a common dividend, D_0, of $1.00. It expects to grow at a constant rate of 4% per year. If investors require a 8% return on equity, what is the current price of Hubbard's...

A project under consideration has an internal rate of return of 18% and a beta of 0.3. The risk-free rate is 8%, and the expected rate of return on the market portfolio is 18%. a-1. Calculate the...

Suppose you have just bought a new house and are considering the of compact fluorescent bulb (CFB) fixtures instead of the 10 conventional incandescent lighting fixtures (which cost total of...