The preclosing trial balance of the general fund of Shorewood Village for fiscal year ended June 30, 2019, is as follows: Debit CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90,000Receivables (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120,000Vouchers Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,000Fund Balance—Assigned . . . . . . . . . . . . . . . . . . . . . 60,000Fund Balance—Unassigned . . . . . . . . . . . . . . . . . . 92,000Budgetary Fund Balance . . . . . . . . . . . . . . . . . . . . . 50,000Estimated Revenues . . . . . . . . . . . . . . . . . . . . . . . . . 600,000Estimated Other Financing Sources. . . . . . . . . . . 150,000Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000Estimated Other Financing Uses . . . . . . . . . . . . . . 50,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595,000Other Financing Sources. . . . . . . . . . . . . . . . . . . . . 166,500Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . .. 46,500Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,754,500 1,754,5001. Prepare closing entries.2. Prepare a budget to actual comparison schedule. (Assume there are no differences between the original and final budgets.)3. Prepare a balance sheet as of June 30, 2019.
The preclosing
Debit Credit
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90,000
Receivables (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120,000
Vouchers Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,000
Fund Balance—Assigned . . . . . . . . . . . . . . . . . . . . . 60,000
Fund Balance—Unassigned . . . . . . . . . . . . . . . . . . 92,000
Budgetary Fund Balance . . . . . . . . . . . . . . . . . . . . . 50,000
Estimated Revenues . . . . . . . . . . . . . . . . . . . . . . . . . 600,000
Estimated Other Financing Sources. . . . . . . . . . . 150,000
Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000
Estimated Other Financing Uses . . . . . . . . . . . . . . 50,000
Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588,000
Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595,000
Other Financing Sources. . . . . . . . . . . . . . . . . . . . . 166,500
Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . .. 46,500
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,754,500 1,754,500
1. Prepare closing entries.
2. Prepare a budget to actual comparison schedule. (Assume there are no differences between the original and final budgets.)
3. Prepare a balance sheet as of June 30, 2019.
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