Preparation of closing entries The Town of Falconcrest reports the following trial balance after all entries have been made for the year: Trial Balance CR Cash Receivables Real estate & personal property Intergovernmental Payables Deferred revenues Fund balances: Assigned Unassigned Revenues-real estate taxes Intergovernmental revenues Expenditures-general government Expenditures-public safety Expenditures-education Expenditures-public works Expenditures-human services Expenditures-debt principal payments Expenditures-debt interest payments Other financing sources-proceeds from bonds DR $194,347 15,480 160,083 98,694 65,797 394,783 32,899 65,797 2,580 860 $18,319 176,085 678,749 17,200 46,440 86.860 17,200 $1,031,320 $1,031,320 (664,551) 31,398 580,765 105,651 The Town's budget for the year, originally entered into the financial records, was as follows: ESTIMATED REVENUES ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS BUDGETARY FUND BALANCE In addition, the Town issued purchase orders for goods and services amounting to $7,740 that are outstanding at the end of the fiscal year. It intends to honor those purchase invoices. Prepare the appropriate closing entries for the year. In addition, the Town issued purchase orders for goods and services amounting to $7,740 that are outstanding at the end of the fiscal year. It intends to honor those purchase invoices. Prepare the appropriate closing entries for the year. Journal Entries APPROPRIATIONS Description ESTIMATED OTHER FINANCING SOURCES Revenues-Real estate & personal property taxes Revenues-Intergovernmental Expenditures-general government Expenditures-public safety Expenditures-education Expenditures-public works Expenditures-human services Expenditures-debt principal payments Expenditures-debt interest payments To close out revenue & expenditure accounts. To close remaining encumbrances. + + OO + + To reserve fund balance for encumbrances to be honored in following year. Debit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0