The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as...
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 |
- Prepare the required closing entries.
Account Debit Credit - 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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The following is a pre-closing trial balance for the Village of
Lake Augusta’s general Fund as...
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...
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...
· The City of Troutman had the following partial list of pre-closing account balances in its General Fund as of June...
· The City of Troutman had the following partial list of pre-closing account balances in its General Fund as of June 30, 2019. Debits Credits $3,675,000 385,000 111,000 60,000 107,000 290,000 Appropriations Control Budgetary Fund Balance Budgetary Fund Balance - Reserve for Encumbrances Due to Other Funds Encumbrances Control Estimated Other Financing Uses Control Estimated Revenues Control Expenditures Control Fund Balance Other Financing Uses Control-Transfers Out Revenues Control Taxes Receivable-Delinquent Vouchers Payable 3,860,000 3,405,000 272,000 315,000 3,968,000 85,000 275,000 Required:...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year. Required: Prepare all...
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...
At the end of fiscal year 2017, the City of Georgetown's General Fund pre-adjusting trial balance...
At the end of fiscal year 2017, the City of Georgetown's General Fund pre-adjusting trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 6,224,000 Estimated Other Financing Uses 2,776,000 Estimated Revenues $ 7,997,000 Encumbrances 0 Expenditures 6,192,000 Other Financing Uses 2,770,000 Revenues 7,980,000 Budgetary Fund Balance 1,003,000 Fund Balance-Nonspendable-Inventory of Supplies 140,000 Fund Balance-Unassigned 1,990,000 Required Prepare the closing entries for the year.
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...
General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund...
General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund of the City of Doyle. Doyle City The General Fund General Ledger Trial Balance December 31, 2016 Cash 400,000 Certificates of Deposit 350,000 Due from State Government 112,000 Due from Other Funds 30,000 Taxes Receivable 774,000 Estimated Revenue 3,110,000 Expenditures 1,960,000 Encumbrances 734,000 Transfers to Other Funds 90,000 Expenditures-2015 55,000 Estimated Uncollectible Taxes $ 30,000 Vouchers Payable 64,000 Due to Other Funds 27,000 Fund...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 5,824,000 Estimated Other Financing Uses 2,576,000 Estimated Revenues $ 7,597,000 Encumbrances 0 Expenditures 5,792,000 Other Financing Uses 2,570,000 Revenues 7,580,000 Budgetary Fund Balance 803,000 Fund Balance—Nonspendable—Inventory of Supplies 124,400 Fund Balance—Unassigned 1,986,000 The City of Columbus uses the purchases method of accounting for its inventory of...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 7,124,000 Estimated Other Financing Uses 3,226,000 Estimated Revenues $ 8,897,000 Encumbrances 0 Expenditures 7,092,000 Other Financing Uses 3,220,000 Revenues 8,880,000 Budgetary Fund Balance 1,453,000 Fund Balance—Nonspendable—Inventory of Supplies 175,100 Fund Balance—Unassigned 2,009,000 The City of Columbus uses the purchases method of accounting for its inventory of...
· The City of Troutman had the following partial list of pre-closing account balances in its General Fund as of June 30, 2019. Debits Credits $3,675,000 385,000 111,000 60,000 107,000 290,000 Appropriations Control Budgetary Fund Balance Budgetary Fund Balance - Reserve for Encumbrances Due to Other Funds Encumbrances Control Estimated Other Financing Uses Control Estimated Revenues Control Expenditures Control Fund Balance Other Financing Uses Control-Transfers Out Revenues Control Taxes Receivable-Delinquent Vouchers Payable 3,860,000 3,405,000 272,000 315,000 3,968,000 85,000 275,000 Required:...
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...
General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund of the City of Doyle. Doyle City The General Fund General Ledger Trial Balance December 31, 2016 Cash 400,000 Certificates of Deposit 350,000 Due from State Government 112,000 Due from Other Funds 30,000 Taxes Receivable 774,000 Estimated Revenue 3,110,000 Expenditures 1,960,000 Encumbrances 734,000 Transfers to Other Funds 90,000 Expenditures-2015 55,000 Estimated Uncollectible Taxes $ 30,000 Vouchers Payable 64,000 Due to Other Funds 27,000 Fund...
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