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Am I doing the worksheet correctly I was informed that's it is not correct, the trial balance has all the original numbers According to my
Am I doing the worksheet correctly I was informed that's it is not correct, the trial balance has all the original numbers
According to my Professor In standard worksheets, you do not move account amounts to the "opposite." The worksheet provides the information for the closing entries, but it separate from the closing entries. For example, if the revenues are 760,000 credit in the trial balance, it will be 760,000 credit in the columns for the statement of revenues expenditures and changes in fund balance.
Closing Worksheet | ||||||
Pre-closing trial Balance | Closing entries | Adjusted Balance Sheet | ||||
Debit | Credit | Debit | Credit | Debit | Credit | |
Cash | 30000 | 30000 | ||||
Investments | 410000 | 410000 | ||||
Taxes recievable | 220000 | 220000 | ||||
Due from capital project funds | 60000 | 60000 | ||||
accounts payable | 90000 | 90000 | ||||
vouchers payable | 180000 | 180000 | ||||
contracts payable | 90000 | 90000 | ||||
due to debt service fund | 40000 | 40000 | ||||
unavialible revenue | 40000 | 40000 | ||||
Fund Balance-Unassigned | 170000 | 530000 +470000 =1000000 | 760000 +300000 +50000 =1110000 | 280000 | ||
Revenues | 760000 | 760000 | 0 | 0 | ||
Expenditures | 530000 | 530000 | 0 | 0 | ||
Other Financing Sources - Bond Proceeds | 300000 | 300000 | 0 | 0 | ||
Other Financing Uses-Transfer Out | 470000 | 470000 | 0 | 0 | ||
Other Financing Sources- Transfer In | 50000 | 50000 | 0 | 0 | ||
total balance | 1720000 | 1720000 | 2110000 | 2110000 | 720000 | 720000 |
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