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Please Help Preparation of closing entries The Town of Red Tail reports the following trial balance after all entries have been made for the year:
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Preparation of closing entries The Town of Red Tail reports the following trial balance after all entries have been made for the year: Trial Balance DR CR Cash $192,147 Receivables Real estate & personal property 15,480 160,083 Intergovernmental Payables $18.319 Deferred revenues 176,085 Fund balances: Assigned 46,440 Unassigned 86,860 Revenues-real estate taxes 578,565 Intergovernmental revenues 105,651 98.694 Expenditures-general government Expenditures-public safety 65,797 Expenditures-education 394,783 Expenditures-public warks 32.899 Expenditures-human services 65,797 Expenditures-debt principal payments 2.580 Expenditures-debt interest payments 860 Other financing sources-proceeds from bonds 17,200 $1,029,120 $1,029,120 The Town's budget for the year, originally entered into the financial records, was as follows: ESTIMATED REVENUES 678,749 ESTIMATED OTHER FINANCING SOURCES 17,200 APPROPRIATIONS (664,551) BUDGETARY FUND BALANCE 31,398 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. purchase invoices. intends to honor those Prepare the appropriate closing entries for the year. Journal Entries Screen Shot 2019-06-23 at 9.25.51 PM Description Debit Credit Q Search APPROPRIATIONS 0 0 0 0 0 ESTIMATED OTHER FINANCING SOURCES 0 Revenues-Real estate & personal property taxes 0 Revenues-Intergovernmental C 0 0 0 BUDGETARY FUND BALANCE 0 0 BUDGETARY FUND BALANCE-RESERVE FOR ENCUMBRANCES Expenditures-general government 0 0 Expenditures-public safety 0 0 ESTIMATED REVENUES Expenditures-education 0 0 Fund balance-assigned Expenditures-public works 0 0 Fund balance-unassigned Other financing sources-bond proceeds Expenditures-human services 0 0 Expenditures-debt principal payments 0 0 Expenditures-debt interest payments 0 To close out revenue & expenditure accounts C 0 To close remaining encumbrances. o following year. To reserve fund balance for encumbrances to be honored Preparation of closing entries The Town of Red Tail reports the following trial balance after all entries have been made for the year: Trial Balance DR CR Cash $192,147 Receivables Real estate & personal property 15,480 160,083 Intergovernmental Payables $18.319 Deferred revenues 176,085 Fund balances: Assigned 46,440 Unassigned 86,860 Revenues-real estate taxes 578,565 Intergovernmental revenues 105,651 98.694 Expenditures-general government Expenditures-public safety 65,797 Expenditures-education 394,783 Expenditures-public warks 32.899 Expenditures-human services 65,797 Expenditures-debt principal payments 2.580 Expenditures-debt interest payments 860 Other financing sources-proceeds from bonds 17,200 $1,029,120 $1,029,120 The Town's budget for the year, originally entered into the financial records, was as follows: ESTIMATED REVENUES 678,749 ESTIMATED OTHER FINANCING SOURCES 17,200 APPROPRIATIONS (664,551) BUDGETARY FUND BALANCE 31,398 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. purchase invoices. intends to honor those Prepare the appropriate closing entries for the year. Journal Entries Screen Shot 2019-06-23 at 9.25.51 PM Description Debit Credit Q Search APPROPRIATIONS 0 0 0 0 0 ESTIMATED OTHER FINANCING SOURCES 0 Revenues-Real estate & personal property taxes 0 Revenues-Intergovernmental C 0 0 0 BUDGETARY FUND BALANCE 0 0 BUDGETARY FUND BALANCE-RESERVE FOR ENCUMBRANCES Expenditures-general government 0 0 Expenditures-public safety 0 0 ESTIMATED REVENUES Expenditures-education 0 0 Fund balance-assigned Expenditures-public works 0 0 Fund balance-unassigned Other financing sources-bond proceeds Expenditures-human services 0 0 Expenditures-debt principal payments 0 0 Expenditures-debt interest payments 0 To close out revenue & expenditure accounts C 0 To close remaining encumbrances. o following year. To reserve fund balance for encumbrances to be honoredStep by Step Solution
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