Plz help 12. The Village of Seaside Pines prepared the following General Fund TrialBalance as of December 31, 2020, the last day of its fiscal year. Controlaccounts are used for budgetary entries.DebitsCreditsAccounts Payable19,000Allowance for Uncollectible Taxes12.000Appropriations (Control)Budgetary Fund Balance490,0009,000Cash$ 175,000Deferred Inflows-Property TaxesDue from Capital Projects Fund38.0005.000Due to Debt Service Fund17,000Encumbrances63,000Estimated Revenue (Control)534,000Estimated Other Financing Uses (Control)35,000General Government Expenditures138,00055.000Other Revenues491.000Property Tax RevenuePublic Safety ExpendituresBudgetary Fund Balance-295,00063,000Reserve for Encumbrances24,000Supplies Inventory100,000Tax Anticipation Note PayableTaxes Receivable205,00030,000Transfer Out (to Internal Service Fund)140,000Fund BalanceTotals$1,469,000$1,469,0001. Prepare the closing entries for December 31. (It is not necessary to usecontrol accounts and subsidiary ledgers.)

SOLUTION- CLOSING ENTRIES ALSO CALLED CLOSING JOURNAL ENTRIES , ARE ENTRIES MADE AT THE END OF THE…

Answered: 4-2. The Village of Seaside Pines…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following transactions relate to the general fund of the city of Lost Angels for the year ending December 31, 2020. Prepare a statement of revenues, expenditures, and other changes in fund balance for the general fund for the period to be included in the fund financial statements. Assume that the fund balance at the beginning of the year was $180,000. Assume also that the city applies the purchases method to supplies. Receipt within 60 days serves as the definition of available resources. Collects property tax revenue of $700,000. A remaining assessment of $100,000 will be collected in the subsequent period. Half of that amount should be received within 30 days, and the remainder approximately five months after the end of the year. Spends $200,000 on three new police cars with 10-year lives. The anticipated price was $207,000 when the cars were ordered. The city calculates all depreciation using the straight-line method with no expected residual value. The city applies the…
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