Question
7C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1,
7C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2020:
| Debits | Credits | |||||
| Cash | $ | 50,500 | ||||
| Accrued Interest Receivable | 7,500 | |||||
| Investments in Corporate Bonds | 750,000 | |||||
| Net position Held in Trust | $ | 808,000 | ||||
| Totals | $ | 808,000 | $ | 808,000 | ||
Required:
c. Prepare and post an entry closing all nominal accounts to Net position.
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Auditing Philosophy And Technique
Authors: John William Cook
1st Edition
039520660X, 978-0395206607
