(Closing entries for an Enterprise Fund) \\ The Municipal Park Fund for Valley View Township had the following preclosing trial balance:}

Required: 1. Prepare the closing entry or entries necessary at June 30, 2004.
2. Did the fund earn a profit during FY 2003-2004? How can you tell?

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Valley View Township Enterprise Fund Municipal Park Fund Preclosing Trial Balance June 30, 2004 Debits Credits Cash Membership dues receivable Land Equipment $ 1,500 1,200 7,600 2,000 Accumulated depreciation-equipment $ 400 Accounts payable 200 Revenues from fees 5,000 Salaries expense 3,000 Depreciation expense-equipment 300 Utilities expense 400 Miscellaneous expense 400 Net assets invested in capital assets, net of related debt Net assets unrestricted 9,200 1,600 $16,400 $16,400