Here is the pre closing December 31, 2017 trial balance for the general fund of Lancaster County:All numbers are in thousands.DebitCreditCash$ 225,000Taxes receivable150,000Estimated revenues750,000Estimated other financing sources30,000General expenditures620,000Capital outlay10,000Debt service: principal paym1,000Debt service: interest payments6,000Transfers out15,000Due from other funds20,000Allowance for uncollectible taxes$25,000Accounts payable20,000Due to other funds15,000Property tax revenues725,000Speeding ticket revenues200,000Transfers in10,000Bond proceeds12,000Appropriations650,000Estimated other financing uses20,000Fund balance-unassigned150,000Totals$1,827,000$1,827,000By how much do the closing entries at the end of 2017 increase fund balance-unassigned?si8,000S167,000$203,000s185,000

Closing entries are made at the end of the accounting period. The objective of making closing…

Answered: Fund balance-unassigned 150,000 Totals…

Fund balance-unassigned 150,000 Totals $1,827,000 $1,827,000 By how much do the closing entries at the end of 2017 increase fund balance-unassigned? s1,000 S167,000 $203,000 s185,000

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 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?
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