General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...

Question

Question

General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund of the City of Doyle. Doyle

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer -

No.	Accounts and Explanations	Debit	Credit
1	Revenue	$3210000
	Unreserved fund balance ($3210000 - $3110000)		$100000
	Estimated revenue		$3110000
	(To close revenue)

2	Reserve for encumbrances-2015	$50000
	Unreserved fund balance ($55000 - $50000)	$5000
	Expeditures-2015		$55000
	(To close last year expenditures)

3	Appropriations	$2700000
	Unreserved fund balance ($2700000 - $734000 - $1960000)		$6000
	Encumbrances		$734000
	Expenditures		$1960000
	(To close encumbrances and expenditures)

4	Transfer from other fund	$40000
	Unreserved fund balance ($90000 - $40000)	$50000
	Transfer to other funds		$90000
	(To close transfers)

Add a comment

Answer 2

Similar Homework Help Questions

The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit...

The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit Cash $ 94,000 Property Taxes Receivable—Delinquent 118,200 Allowance for Uncollectibles—Delinquent $ 7,100 Due from Other Funds 14,300 Vouchers Payable 63,000 Due to Other Funds 8,400 Fund Balance—Unassigned 120,000 Property Tax Revenue 1,140,000 Miscellaneous Revenue 38,000 Expenditures 1,125,000 Other Financing Uses—Transfer Out 25,000 Estimated Revenues Control 1,233,000 Appropriations Control 1,155,000 Estimated Other Financing Uses—Transfer Out 25,000 Encumbrances 39,000 Budgetary Fund Balance—Assigned for Encumbrances 39,000 Budgetary...
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinqu...

The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 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 Estimated Other Financing Uses-Transfer Out encumbranceS Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total 7,400 14,800 70,000 8,900 118,000 1,145,000 35,000 1,140,000 18,000 1,208,000 1,150,000 18,000 37,000...
Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thou...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...
Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...
Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...
M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of...

M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of the General Fund of the City of Bedford on January 1, 2015, shows the following: Cash S100,000 Taxes Receivable 75.000 Allowance for Uncollectible Taxes $ 35.000 Fund Balance-Assigned (encumbrances from 2014) 30,000 Fund Balance-Unassigned 110,000 Total $175.000 $175,000 A summary of activities and transactions for the General Fund during 2015 is presented here: 1. The City Council adopted a budget for the General Fund...
Create the balance sheet according to this trial balance The following unadjusted trial balances are for...

Create the balance sheet according to this trial balance The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: General Fund Debit Credit Cash $ 19,000 Taxes Receivable 202,000 Allowance for Uncollectible Taxes $ 2,000 Vouchers Payable 24,000 Due to Debt Service Fund 10,000 Unavailable Revenues 16,000 Encumbrances Outstanding 9,000 Fund Balance—Unassigned 103,000 Revenues 176,000 Expenditures 110,000 Encumbrances 9,000 Estimated Revenues 190,000 Appropriations 171,000...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thou...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 371,000 Taxes receivable 113,000 Estimated revenues 1,290,000 Estimated other financing sources 60,000 General expenditures 1,015,000 Capital outlay 25,000 Debt service: principal payments 2,000 Debt service: interest payments 8,000 Transfers out 20,000 Due from other funds 12,000 Allowance for uncollectible taxes $45,000 Accounts payable 50,000 Due to other funds 21,000 Property tax revenues 950,000 Speeding ticket...

General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...

Homework Answers

Add Answer to:
General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...

Post as a guest

Earn Coins

The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit...

The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows Debit Credit $95,000 116,500 Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinqu...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thou...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:...

M 17-1 Journal Entries, Closing Entries, and Trial Balance LOS The general ledger trial balance of...

Create the balance sheet according to this trial balance The following unadjusted trial balances are for...

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County: All numbers are in thou...

General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...

Homework Answers

Add Answer to: General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...

Post as a guest

Earn Coins

Add Answer to:
General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...