The Principal City prepared the Trial Balance ofthe corporate-type fund as of December 31,20X1. The enterprise fund was established thisyear through a transfer from the general fund.DebitsCreditsAccounts payable96,000Accounts receivable32,000Accrued interest payable28,000Accumulated depreciation45,000Administrative and selling expenses47,000Allowance for uncollectible accounts12,000Capital assets712,000Cash89,000Charges for sales and services550,000Cost of sales and services479,000Depreciation expense45,000Due from general fund17,000Interest expense40,000Interest revenue4,000Transfer in from general fund119,000Bank note payableSupplies inventory625.00018,000Totals1,479,0001,479,000After having studied the Trial Balance of thecompany and the required resources of thismodule:1.Prepare the fund's closing entries as ofDecember 31, 20X1.2.Prepare the Statement of Revenues,Expenses, and Changes in Fund Net Positionfor the year ending December 31.

A statement that presents the income and expenses of the owner's funds is known as a Statement of…

The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. Debits Credits Accounts payable १6.000 Accounts receivable 32,000 Accrued interest payable 28.000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cas 89,000 Charges for sales and services Cost of sales and services 550,000 479,000 Depreciation expense 45.000 Due from general fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable 625,000 Supplies inventory 18,000 Totals 1,479,000 1,479,000 After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.

The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. Debits Credits Accounts payable १6.000 Accounts receivable 32,000 Accrued interest payable 28.000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cas 89,000 Charges for sales and services Cost of sales and services 550,000 479,000 Depreciation expense 45.000 Due from general fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable 625,000 Supplies inventory 18,000 Totals 1,479,000 1,479,000 After having studied the Trial Balance of the company and the required resources of this module: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31.

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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