rs are in thousands. By how much do the closing entries at the end of 2017 increase fund balance-unassigned?

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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Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County:

All numbers are in thousands.

By how much do the closing entries at the end of 2017 increase fund balance-unassigned?

 

$14,000

$270,000

$298,000

$284,000

Debit
Credit
Cash
$ 449,000
Taxes receivable
310,000
Estimated revenues
1,500,000
Estimated other financing sources
75,000
General expenditures
1,250,000
Capital outlay
25,000
Debt service: principal payments
3,000
Debt service: interest payments
9,000
Transfers out
30,000
Due from other funds
15,000
Allowance for uncollectible taxes
$75,000
Accounts payable
75,000
Due to other funds
30,000
Property tax revenues
1,250,000
Speeding ticket revenues
500,000
Transfers in
15,000
Bond proceeds
80,000
Appropriations
1,295,000
Estimated other financing uses
36,000
Fund balance-unassigned
310,000
Totals
$3,666,000 $3,666,000
Transcribed Image Text:Debit Credit Cash $ 449,000 Taxes receivable 310,000 Estimated revenues 1,500,000 Estimated other financing sources 75,000 General expenditures 1,250,000 Capital outlay 25,000 Debt service: principal payments 3,000 Debt service: interest payments 9,000 Transfers out 30,000 Due from other funds 15,000 Allowance for uncollectible taxes $75,000 Accounts payable 75,000 Due to other funds 30,000 Property tax revenues 1,250,000 Speeding ticket revenues 500,000 Transfers in 15,000 Bond proceeds 80,000 Appropriations 1,295,000 Estimated other financing uses 36,000 Fund balance-unassigned 310,000 Totals $3,666,000 $3,666,000
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