Question

Can you have a look at the CLOSING ENTRIES at the end, where i put a red rectangle? and tell me if I answered correctly to the question? if not please provide me with the correct closing entries. ASAP, i have limited time to post this homework. Thanks

At year-end, an analysis by the city’s finance department determined the following constraints on fund balances in the General Fund. Prepare the appropriate closing/reclassification 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 in calculating the amounts to be reclassified. Be sure the check mark in the box for [Closing Entry] is showing before closing each individual account.)

                       Account                                                     Ending Balance

Fund Balance—Committed—General Government        $30,000

Fund Balance—Restricted—Public Safety                        36,000

            Fund Balance—Committed—Public Works                      12,700

            Fund Balance—Assigned—Culture and Recreation                   0

JULIIVINE Current accounting entity 1-General Fund Journal Ledger Accounts Entities Journal entries table Search a Add new entry Posted Account Description Credits Ref Cash 101 Taxes Receivable-Delinquent Year 2019 2019 2019 2019 2019 Debits 194,660 258,906 40,110 165,000 Interest and Penalties Receivable on Taxes OOOOO 2019 Due from State Government Allowance for Uncollectible Delinquent Taxes Allowance for Uncollectible Interest and Penalties Vouchers Payable Fund Balance-Restricted-Public Safety Fund Balance-Committed-Public Works Fund Balance-Assigned-Culture and Recreation Fund Balance-Unassigned Estimated Revenues Appropriations Budgetary Fund Balance Taxes Receivable-Current Allowance for Uncollectible Current Taxes 2019 2019 2019 2019 2019 2020 57,800 11,726 136,027 101 15,000 101 29,700 56,800 101 351,623 3,209,070 2020 3,219,100 a-3 10,030 2020 2020 2020 4-a-1 1,731,000 4-a-1 51,930
    

Answer 1

As per questions its clear that "We should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified"

So,

Fund Balance—Committed—General Government beginning balance is zero.

Fund Balance—Restricted—Public Safety beginning balance is CR 15,000

Fund Balance—Committed—Public Works beginning balance is CR 29,700

Fund Balance—Assigned—Culture and Recreation beginning balance is CR 56,800

Closing entries should be.

Fund Balance—Committed—General Government DR 30,000 "(30,000 +/- 0) = 30,000"

Fund Balance—Restricted—Public Safety DR 51,000 "(51,000-15,000(BB)) = 36,000"

Fund Balance—Committed—Public Works DR 42,400 "(42,400 -29,700(BB)) = 12,700"

Fund Balance—Assigned—Culture and Recreation DR 56,800 "(56,800-56,800(BB)) = 0"

Fund Balance - Unassigned CR 1,80,200

(Being Fund balances reinstated after considering beginning balance)

BB = beginning balance