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Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial BalanceDecember 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 BalanceDecember 31, 2020 | Debits | Credits | ||
Accounts Payable | 3,400 | |||
Accrued Interest Receivable | 1,430 | |||
Administrative Expense | 7,980 | |||
Cash | 69,890 | |||
Increase in Fair Value of Investments | 5,900 | |||
DistributionsScholarships | 81,000 | |||
Interest Income | 96,000 | |||
Investment in Bonds | 1,605,000 | |||
Net Position: Restricted for Scholarships | 1,660,000 | |||
1,765,300 | 1,765,300 |
Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020.
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