Use the work sheet prepared in Application Problem 24-1 to complete this problem.

Instructions:

1. Use page 23 of a journal. Journalize the adjusting entries.

2. Continue using page 23 of a journal. Journalize the closing entries.

Data from Application Problem 24-1 

The town of Winona uses a general fund. The trial balance for December 31 of the current year is recorded on a work sheet in the Working Papers. The following adjustment information is available.

An estimated 20% of the interest revenue due will not be collected.
The reserve for encumbrances for the current year is reclassified to prior year status.

Transcribed Image Text:

Town of Winona Annual Operating Budget-General Fund For Year Ended December 31, 20-- ESTIMATED REVENUES Property Tax $1,459,000.00 Interest. Other 8,950.00 9,000.00 Total Estimated Revenues $1,476,950.00 ESTIMATED EXPENDITURES AND BUDGETARY FUND BALANCE General Government: Personnel. Supplies Other Charges 250,250.00 13,230.00 124,740.00 Capital Outlays Total General Government Public Safety: Personnel Supplies Other Charges. Capital Outlays Total Public Safety Fire Protection: Personnel Supplies Other Charges. Capital Outlays 14,600.00 $ 414,740.00 22,000.00 168,460.00 81,270.00 $ 402,820.00 686,470.00 157,730.00 6,160.00 52,250.00 46,350.00