Use the working papers from On Your Own 24-1. The town of Annandale's general fund operating budget for the current year is given in the Working Papers. Work independently to complete the following problem.

1. Prepare a statement of revenues, expenditures, and changes in fund balance-budget and actual for the year ended December 31 of the current year.

2. Prepare a balance sheet for December 31 of the current year.

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