7-5) Closing entries

cond theral Fund charges governments the county General Fund incu es other governments 1 percent of all tax col- General Fund incurs all costs of billing, record ing, and collecting taxes and conid to the various governmeniai units. ord the transactions on the books ofhe Benton County Tax Agency Fund Reyguired h Benton County General Fund. Town of Thomas. Pivate-Purpose Trust Funds ed citizen provides resources and establishes a trust with the local ermment. What factors should be considered in determining which fund to gov report the trust activities? Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31,2017 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Debits Credits $ 2,500 $ 1,010 5,990 52,000 62,000 1,214,000 $1,335,000 4,500 71,900 1,256,100 Net Position-Restricted for Scholarships $1,335,000 re the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the