EXERCISE 17-4 General Fund Closing Entries

Following is the preclosing trial balance for the General Fund of the City of Doyle.

Doyle City

The General Fund

General Ledger Trial Balance

December 31, 2016

Cash $ 400,000

Certificates of Deposit 350,000

Due from State Government 112,000

Due from Other Funds 30,000

Taxes Receivable 774,000

Estimated Revenue 3,110,000

Expenditures 1,960,000

Encumbrances 734,000

Transfers to Other Funds 90,000

Expenditures2015 55,000

Estimated Uncollectible Taxes $ 30,000

Vouchers Payable 64,000

Due to Other Funds 27,000

Fund BalanceUnassigned 760,000

Fund BalanceAssigned (Note 1) 784,000

Appropriations 2,700,000

Revenue 3,210,000

Transfers from Other Funds 40,000

$7,615,000 $7,615,000

Note 1: Includes $50,000 of encumbrances from 2015.

Required:

Prepare in general journal form the closing entries for the General Fund of Doyle City.