Question
Rice County has the following preclosing account balances in its General Fund as of June 30, 2019. Assume each account had its normal balance (debit
Rice County has the following preclosing account balances in its General Fund as of June 30, 2019. Assume each account had its normal balance (debit or credit amount). Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous fiscal year. Assume the encumbrances do not lapse.
Cash $ 50,000
Estimated Revenues 6,000,000
Revenues 5,900,000
Appropriations 5,700,000
Estimated Other Financing Sources 200,000
Financing Uses Transfer to Debt Service Fund 300,000 Expenditures 5,300,000
Taxes Receivable Delinquent 40,000
Fund Balance Unreserved 7/1/18 500,000
Estimated Other Financing Uses 500,000 Vouchers Payable 135,000 Encumbrances 100,000
Fund Balance - Reserve for Encumbrances 7/1/18 200,000
Other Financing Sources Transfer from Special Revenue Fund 400,000 Required: a
1.Prepare all entries necessary to close the General Fund of Rice County.
2. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the General Fund of Rice County for the year ended June 30, 2019. Dont forget change in fund balance, and the ending unreserved and reserved fund balances.
I need some help with these, I just need some comparisons.
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