Use the working papers from Work Together 24-1. The town of Anoka’s general fund operating budget for the current year is given in the Working Papers. Your instructor will guide you through the following examples.

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 Work together 24-1

The town of Anoka uses a general fund. The trial balance for December 31 of the current year is recorded on a work sheet in the Working Papers. Your instructor will guide you through the following examples.

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 Interest Revenue Due but not Collected $2,925.00 2,490.00