no handwritten The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows.CashProperty Taxes Receivable-DelinquentAllowance for Uncollectibles-DelinquentDue from Other FundsVouchers PayableDue to Other FundsFund Balance-UnassignedProperty Tax RevenueMiscellaneous RevenueExpendituresOther Financing Uses-Transfer OutEstimated Revenues ControlAppropriations ControlEstimated Other Financing Uses-Transfer OutEncumbrancesBudgetary Fund Balance-Assigned for EncumbrancesBudgetary Fund Balance-UnassignedTotalDebit$ 94,000126,00014,7001,125,00026,0001,230,00037,000$ 2,652,700Credit$ 7,40066,0008,300120,0001,145,00039,0001,145,00026,00037,00059,000$ 2,652,700Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances. esRequired:a. Prepare the closing entries for the general fund.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheetB CD E<Record the entry to close the budgetary accounts.ANote: Enter debits before credits.Event1Record entryFund BalanceSpendableTotal AssetsLiabilities and Fund BalanceAssetsAssigned toGeneral Journalb. Prepare a general fund-only balance sheet at December 31, 20X1.Note: Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deductedshould be indicated with minus sign.Clear entryTotal Liabilities and Fund BalanceLONE WOLFGeneral FundBalance SheetDecember 31, 20X1SDebitS00Credit00View general journal

Answer - A closing journal entry is made at the end of the accounting period where financial data…

The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash. Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control i Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit $ 94,000 126,000 14,700 1,125,000. 26,000 1,230,000 37,000 Credit $ 7,400 66,000 8,300 120,000 1,145,000 39,000 1,145,000 26,000 37,000 59,000 $ 2,652,700 $ 2,652,700 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumb

The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash. Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control i Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit $ 94,000 126,000 14,700 1,125,000. 26,000 1,230,000 37,000 Credit $ 7,400 66,000 8,300 120,000 1,145,000 39,000 1,145,000 26,000 37,000 59,000 $ 2,652,700 $ 2,652,700 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumb

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 adjusted trial balance is taken from the General Fund of Avon City for the year ended June 30. Prepare a (post-closing) Balance sheet. Allowance for uncollectible taxes Cash Due from capital projects fund Due to debt service fund Encumbrances Encumbrances outstanding Expenditures Fund Balance, nonspendable Fund Balance, unassigned Inventory of supplies Other financing sources -- bond proceeds Other financing uses -- transfers out Revenues Taxes receivable Unearned (unavailable) grant revenues Vouchers payable 5,000 121,000 32,000 19,000 23,000 23,000 57,000 9,000 14,000 9,000 18,000 12,000 130,000 25,000 38,000 23,000 DO NOT GIVE SOLUTION IN IMAGE
Indicate the part [(a) through (e)] of the general fund statement of revenues, expenditures, and changes in fund balance affected by transactions (1) through (7).a. Revenuesb. Expendituresc. Other financing sources and usesd. Residual equity transferse. Statement of revenues, expenditures, and changes in fund balance is not affected.1. An unrestricted state grant is received.2. The general fund paid pension fund contributions that were recoverable (reimbursed) from an internal service fund.3. The general fund paid $60,000 for electricity supplied by the electric utility enterprise fund.4. General fund resources were used to subsidize the swimming pool enterprise fund.5. General fund resources of $90,000 were loaned to an internal service fund.6. A motor pool internal service fund was established by a transfer of $80,000 from the general fund. This amount will not be repaid unless the motor pool is disbanded.7. General fund resources were used to pay amounts due on an operating lease.
A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000. What other fund balance category is reported? Select one: A. Unassigned, $(2,000) B. Committed, $(2,000) C. Assigned, $(2,000) D. Restricted fund balance is reduced by $2,000. Which one of these capital projects fund accounts is closed at year-end? Select one: A. Accounts payable B. Due from general fund C. Deferred outlays of resources D. Capital outlay
Which of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Revenues. b. Other financing sources. c. Deferred revenues. d. Expenditures.
Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…
Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.
TRUE or FALSE The liability resulting from the issue of serial bonds is accounted for in the general fund. A credit balance in the Fund balance – Unreserved, Undesignated account of a general fund represents the excess of inflows over out flows of financial resources available for expenditure. Each transaction affecting a governmental fund requires an entry in only one fund or account group.
. A pre-closing trial balance included the following account balances for Simpli City: Due from other funds $ 3,500 Fund balance - unassigned 14,000 Estimated revenues 20,000 Revenues 22,000 Appropriations 18,000 Expenditures - current year 19,000 Expenditures - prior year 1,500 Other Financing Source - Nonreciprocal transfer in 1,000 Required: Prepare the necessary closing entries for the General Fund.
question 8. Determined that the Capital Projects Fund should be reimbursed $3,000 for wages that should have been charged to General Fund departments but were paid from the Capital Projects Fund. Expenditures—Operating—Wages........................................................ Enter amount Due to Capital Projects Fund............................................. Enter amount To record reimbursement due to CPF.
Under SEC rules, the managers of certain funds are allowed to deduct charges for advertising, brokerage commissions, and other sales expenses directly from the fund assets rather than billing investors. These fees are known as ____________. Group of answer choices front-end loads 12b-1 charges back-end loads direct operating expenses
Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.
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?