1 The Village of Seaside se prepared the following General Fund Trial Balancent of December 31, 2020, the last day of rus fiscal year Control nccounts are used for budgetary entre $ 19.00 5 499. $ 175,000 13,000 ello 5. 17.00 63,00 534, References ALCOS Payable Alice for collectible Taxes Approprlations (Control) Bucetary Fundice Cash Deferred Property Taxes Due from Capital Projects Fund Due to Detit Service und Encu brences Lacurances Estimated Revenue (Control) Estimated Other Financing Uses (Control) General Government Expenditures Other Revenues Property Tax Revenue Public Safety Expenditures Budgetary Fund Balance - Reserve for nurances Supplies Inventory Tax Anticipation Note Payable Taxes Receivable Transfer Out (to Internal Service Fund) Fund Balance Totals 35,000 55,000 295,000 63,000 24,000 100,00 205,000 30,000 140,000 31,400,000 $1,400,000 1. Prepare the closing entries for December 31 is not necessary to use control accounts and subsidiary ledgers) 2. Prepare the Statement of Revenues, Expenditures, and Changes in Pund Balance for the General Fund for the year ended December 31 3. Prepare the Fund Balance section of the December 31 Balance Sheet asuming there are no restricted or committed net resources The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2020, the last day of its fiscal year Control accounts are used for budgetary entries. Accounts Payable Allowance for Uncollectible Taxes Appropriations (Control) Budgetary Fund Balance Cash Deferred Inflows - Property Taxes Due from Capital Projects Fund Due to Debt Service Fund Encumbrances Encumbrances Estimated Revenue (Control) Estimated Other Financing Uses (Control) General Government Expenditures Other Revenues Property Tax Revenue Public Safety Expenditures Budgetary Fund Balance - Reserve for Encumbrances Supplies Inventory Tax Anticipation Note Payable Taxes Receivable Transfer Out (to Internal Service Fund) Fund Balance Totals Debits Credits $ 19,000 12,000 490,000 9,000 $ 175,000 38,990 5,600 17,000 63,00 534,000 35,000 138,000 55,890 491,000 295,800 63,800 24,800 100,000 205,000 30,000 140,000 $1,469,000 $1,469,000 1. Prepare the closing entries for December 31. (it is not necessary to use control accounts and subsidiary ledgers.) 2. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ended December 31 Prev 1 of 2 III Next >