Question

At year-end, an analysis by the city's finance department determined the following constraints on resources in the General Fund. Prepare the appropriate journal entry in the General Fund to reclassify amounts between Fund Balance-Unassigned and the fund balance accounts corresponding to the constraints shown below. (Note: You should consider the beginning of year balances in fund balance accounts when calculating the amounts to be reclassified. Be sure the check mark in the box for [Closing Entry] is showing as selected before closing each individual account.) Account Ending Balance Fund Balance-Restricted-Public Safety $36,000 Fund Balance-Committed–Health and Welfare 43,000 Fund Balance-Committed-Public Works 12,700 Fund Balance-Assigned-Culture and Recreation 0

Answer 1

Unswer page: oi fund balance Prepare the appropsiate journal entry in the general fund to reclassify amounts between un assigned and the fund balance accounts corresponding to the constraints shown below. 43000 36000 12200 43000 36000 192000 Account titled Explanation Debit Lt) credit. c) Committed Health & Welfare Restricted public safety -Commitled public work Assigned culture & research uncommitted-Health welfare un gestricted public Safety uncommitted public park Lunassigned culture 'f research ( Being the vedit balance of funds assigned and to unassigned balances) Explanation to the accounting effects committed health f welfare, sestricted public safety fcommi- -thed public work are the funding accounts, and they debited to close the temporary accounts, and transfer them to owner's equity of liability accounts. un committed health & Welfare , un restricted public safety, uncommitted public work and unassigned culture and research are increases the owner's equity. Credited are Thus credited as they increases the liability that