Question
Presented below is the preclosing trial balance for the Scholarship fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31, 2020 Debits
Presented below is the preclosing trial balance for the Scholarship fund, a private-purpose trust fund of the Algonquin School District.
Trial Balance-December 31, 2020 Debits Credits
Accounts payable $ 3,000
Accrued Interest Receivable $ 1,210
Administrative Expense 7,170
Cash 62,920
Increase in Fair value of Investments 5,300
Distributions-Scholarships 73,000
Interest Income 86,000
Investment in Bonds 1,452,000
Net position Restricted for Scholarship 1,502,000
Total $ 1,596,300 $ 1,596,300
Required:
Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for year ended December 31, 2020.
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