Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of the

One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of the Save Our Resources Commission of the federal government. This trial balance was prepared before budgetary accounts were adjusted, such as returning unused appropriations. The debits are not distinguished from the credits.

SAVE OUR RESOURCES COMMISSION
Preclosing Trial Balance
September 30, 2023
Proprietary accounts:
Accounts Payable $ 230,000
Accumulated DepreciationPlant and Equipment 4,800,000
Appropriations Used 4,500,000
Fund Balance with Treasury2023 ?
Operating Materials and Supplies 63,000
Cumulative Results of Operations10/1/22 1,009,000
Operating/Program Expenses 2,150,000
Depreciation and Amortization 750,000
Plant and Equipment 7,400,000
Unexpended Appropriations2023 410,000
Budgetary accounts:
Other Appropriations Realized2023 ?
Expended Authority2023 4,500,000
Undelivered Orders2023 310,000
Allotments2023 100,000

Required

Complete the following preclosing Trial Balance.

Compute the net additions (or reductions) to assets other than Fund Balance with Treasury during fiscal year 2023.

Prepare journal entries to close the budgetary accounts as needed and to close the operating statement proprietary accounts.

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

Financial Accounting Reporting Analysis And Decision Making

Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong

5th Edition

0730313743, 978-0730313748

More Books

Students also viewed these Accounting questions