Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

***Even if you can't provide the numbers in the following closing journal entries could you tell me what the titles or debit and credit accounts

***Even if you can't provide the numbers in the following closing journal entries could you tell me what the titles or debit and credit accounts would look like? Please and thank in advance!

image text in transcribed

At year-end, an analysis by the city's finance department determined the following constraints on fund balances in the General Fund. Prepare the appropriate closing/reclassification journal entry in the General Fund to reclassify amounts between Fund Balance-Unassigned and the fund balance accounts corresponding to the constraints shown below. (Note: You should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified. Be sure the check mark in the box for [Closing Entry] is showing before closing each individual account.) Account Ending Balance Fund Balance-Restricted-General Government $36,000 12,700 Fund Balance-CommittedPublic Works Fund Balance-Assigned-Culture and Recreation At year-end, an analysis by the city's finance department determined the following constraints on fund balances in the General Fund. Prepare the appropriate closing/reclassification journal entry in the General Fund to reclassify amounts between Fund Balance-Unassigned and the fund balance accounts corresponding to the constraints shown below. (Note: You should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified. Be sure the check mark in the box for [Closing Entry] is showing before closing each individual account.) Account Ending Balance Fund Balance-Restricted-General Government $36,000 12,700 Fund Balance-CommittedPublic Works Fund Balance-Assigned-Culture and Recreation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Project Financing Financial Instruments And Risk Management

Authors: Frank J Fabozzi, Carmel De Nahlik

1st Edition

9811231494, 9789811231490

Students also viewed these Finance questions