Briancon School District began the year with assets of $220,000, some liabilities and a fund balance of

$85,000 in the general fund. During the year that ended on June 30, XXXX, the following transactions were completed:

a. Property taxes were assessed and levied in the amount of the liabilities.

b. Cash was received for the entire amount of the property tax levy.

c. Cash was used to pay all liabilities.

d. A loan was obtained from the Briancon National Bank in the amount of $135,000.

e. Equipment in the amount of $85,000 was purchased for cash from the Randyville Lawn and Garden Center.

Instructions:

Record the beginning balances and enter the transactions in T-accounts.

Prepare a trial balance.

Prepare a statement of revenues, expenditures and fund balance.

Prepare a balance sheet.