Question
Can anyone please help with the posting to the T-Accounts from the journal entries for this problem. I'm just not getting it. The Balance Sheet
Can anyone please help with the posting to the T-Accounts from the journal entries for this problem. I'm just not getting it.
The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. CITY OF MONROE General Fund Balance Sheet As of December 31, 2019AssetsCash $503,000 Taxes receivable$210,000 Less: Estimated uncollectible taxes (37,000) Net 173,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) Net 4,250 Due from state government 204,000 Total assets... Prepare the Journal Entries for Closing, and post the Closing Entries for the General Fund into the previous T-Account tab. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance.
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