Debits Credits Cash 261,400 Taxes Receivable – Current 888,500 62,000 325,700 15,900 Estimated Uncollectible Current Taxes Accounts Payable Due to Other Funds 520,000 Tax Anticipation Notes Payable Reserve for Encumbrances 112,000 Fund Balance 122,500 Estimated Revenues 1,556,200 Revenues 1,457,300 Appropriations 1,551,600 Encumbrances 112,000 Expenditures 1.349,000 Totals 4.167.100 4.164.000

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 3MC
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The following is a pre-closing trial balance for Olson City’s General Fund as of June 30, 2005. (See Image)

Prepare Closing entries at June, 30, 2005

Debits
Credits
Cash
261,400
Taxes Receivable –- Current
888,500
Estimated Uncollectible Current Taxes
62,000
Accounts Payable
325,700
Due to Other Funds
15,900
Tax Anticipation Notes Payable
520,000
Reserve for Encumbrances
112,000
Fund Balance
122,500
Estimated Revenues
1,556,200
Revenues
1,457,300
Appropriations
1,551,600
Encumbrances
112,000
Expenditures
1,349,000
Totals
4.167.100
4.164.000
Transcribed Image Text:Debits Credits Cash 261,400 Taxes Receivable –- Current 888,500 Estimated Uncollectible Current Taxes 62,000 Accounts Payable 325,700 Due to Other Funds 15,900 Tax Anticipation Notes Payable 520,000 Reserve for Encumbrances 112,000 Fund Balance 122,500 Estimated Revenues 1,556,200 Revenues 1,457,300 Appropriations 1,551,600 Encumbrances 112,000 Expenditures 1,349,000 Totals 4.167.100 4.164.000
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