Question
At the end of calendar year 2019, the following balances were found in the ledger of the Old Elias Library Fund. Prepare closing entries for
At the end of calendar year 2019, the following balances were found in the ledger of the Old Elias Library Fund. Prepare closing entries for these budgetary and financial accounts. If the Fund balance in the Old Elias Library Fund was $28,000 on January 1, 2019, what was the Fund balance at December 31, 2019?
Estimated revenues$800,000
Appropriations790,000
Budgetary fund balance10,000
Revenues780,000
Expenditures785,000
DescriptionDebitCreditAnswer
Appropriations
Estimated revenues
Expenditures
Fund balance
Answer
Answer
Answer
Budgetary fund balance
Estimated revenues
Expenditures
Fund balance
Answer
Answer
Answer
Appropriations
Budgetary fund balance
Estimated revenues
Revenues
Answer
Answer
To close budgetary accounts.Answer
Appropriations
Estimated revenues
Expenditures
Revenues
Answer
Answer
Answer
Budgetary fund balance
Expenditures
Estimated revenues
Fund balance
Answer
Answer
Answer
Appropriations
Expenditures
Fund balance
Revenues
Answer
Answer
To close financial accounts.
If the Fund balance in the Old Elias Library Fund was $28,000 on January 1, 2019,what was the Fund balance at December 31, 2019?
$Answer
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting An Introduction
Authors: Pauline Weetman
4th Edition
0273703404, 978-0273703402
