Closing entries The ledger of the General Fund of the City of New Lanier shows the following balances at the end of its fiscal year. Estimated revenues $600,000 Appropriations 610,000 Budgetary fund balance 10,000 Revenues 600,000 Expenditures 570,000 Prepare closing journal entries for the budgetary and financial accounts. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Enter 0 or leave the field blank if no entry is required. Account Debit Credit To close budgetary accounts. To close financial accounts.

Closing entries The ledger of the General Fund of the City of New Lanier shows the following balances at the end of its fiscal year. Estimated revenues $600,000 Appropriations 610,000 Budgetary fund balance 10,000 Revenues 600,000 Expenditures 570,000 Prepare closing journal entries for the budgetary and financial accounts. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Enter 0 or leave the field blank if no entry is required. Account Debit Credit To close budgetary accounts. To close financial accounts.

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 is a pre-closing trial balance for Montpelier's General... The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $116,500 Taxes Receivable-Current 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5, 500 Tax Anticipation Notes Payable 50,000 Fund Balance-Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338, 500 What is the fund balance as of June 30, 2023, after all closing entries have been made?
The General Fund of a city had the following post-closing trial balance at September 30 2020. the end of its fiscal year: Debits Credits Cash 100,000 Taxes Receivable – Delinquent 583,000 Allowance for Uncollectible Delinquent Taxes 189,000 Interest and Penalties Receivable 26,280 Allowance for Uncollectible Interest & Penalties 11,160 Inventory of Supplies 16,100 Vouchers Payable 148,500 Due to Federal Government 62,490 Fund Balance – Nonspendable – Inventory Supplies…
2 The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 108,000 Accounts receivable $ 27,400 Accrued interest payable 30,600 Accumulated depreciation 49,000 Administrative and selling expenses 51,000 Allowance for uncollectible accounts 13,000 Capital assets 714,000 Cash 96,800 Charges for sales and services 561,000 Cost of sales and services 500,000 Depreciation expense 49,000 Due from General Fund 17,300 Interest expense 40,500 Interest revenue 5,300 Transfer in from General Fund 117,600 Bank note payable 630,400 Supplies inventory 18,900 Totals $ 1,514,900 $ 1,514,900 Required: Prepare the closing entries for December 31. Prepare the Statement of Revenues, Expenses, and Changes in Fund…
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