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The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017:...

The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017:

Debits Credits
Accounts payable 6,800
Appropriations 160,000
Budgetary fund balance 38,000
Budgetary fund balance: reserve for encumbrances 5,000
Cash 116,500
Deferred revenues: property taxes 3,000
Due to other funds 5,000
Encumbrances 5,000
Estimated other financing sources 8,000
Estimated other financing uses 10,000
Estimated revenues 200,000
Estimated uncollectible taxes 2,000
Expenditures 154,000
Fund balance 54,700
Other financing sources 10,000
Other financing uses 11,000
Revenues 199,000
Tax anticipation notes payable 30,000
Taxes receivable 29,000
Totals 523,500 523,500
  1. Prepare the required closing entries.
    Account Debit Credit
  2. Prepare a balance sheet for the general fund. Assume outstanding encumbrances are assigned; $3,000 of the fund balance is committed; and $20,000 of the fund balance is restricted.
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Village of Lake Augusta Requirement a. Closing Enteries Debit in $ Credit in $ Particulars Trans 31.12.2017 Budgetary Fund Ba

Requirement b. Balance Sheet As at 31.12.2017 Liabilities Amount Assets Amount Appropriations 8000 Accounts Payable 6800 Cash

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