Homework Answers
Closing journal entry in general ledger
General ledger a/c - dr $16,50,000 b(f)
Expenditures control account a/c -dr $65,00,000
To Revenues control a/c $ 81,50,000
Note : the other financing sources in transfer control transaction $6,00,000 doesn't effect the general ledger account.
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Question 24 (10 points) At year-end, the City of Portland had the following ending balances in...
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2020:
Beginning balances were: Cash, $97,000; Taxes Receivable,
$195,500; Accounts Payable, $55,250; and Fund Balance,
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The budget was passed. Estimated revenues amounted to
$1,270,000 and appropriations totaled $1,266,600. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $935,000. All of
the taxes are expected to be collected before February 2021.
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