Use the working papers from On Your Own 24-1. Page 52 of a journal form is provided in the Working Papers. Work independently to complete the following problem.

1. Journalize the adjusting entries.

2. Journalize the closing entries.

Data from  On Your Own 24-1.

The town of Annandale uses a general fund. The trial balance for December 31 of the current year is recorded on a work sheet in the Working Papers. Work independently to complete the following problem.

Analyze the following adjustment information and record the adjustments on the work sheet.

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.
Complete the work sheet.

Transcribed Image Text:

Supplies Inventory $1,870.00 Interest Revenue Due but not Collected 2,180.00