Closing Entries & Financial Statements

Presented below is the adjusted trial balance for the General Fund of the City of Sommerville at June 30, 2018, the end of the fiscal year. Based on this information, prepare, in good form:

a. closing entries

b. the statement of revenues, expenditures, and changes in fund balance for the year

c. the balance sheet at June 30, 2018. (Classify the fund balance as Unassigned.)

City of Sommerville General Fund Adjusted Trial Balance June 30, 2018 6,200 Cash 40,000 Taxes receivable 65,000 Investments 38,750 Vouchers payable* 12,750 Tax anticipation notes payable* 57,000p Unassigned fund balance 101,000 Estimated revenues 99,000 Appropriations 2,000 Budgetary fund balance* Revenues-taxes 100,000 2,080 Revenues-other 94,700 Expenditures-personal services 4,680 Expenditures-supplies $ 311.580 $311.580