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The December 31, 2020 trial balance of the ABC County general fund, before adjusting and closing entries, is as follows: Debits Credits Cash $ 50,000
- The December 31, 2020 trial balance of the ABC County general fund, before adjusting and closing entries, is as follows:
| Debits | Credits |
Cash | $ 50,000 |
|
Taxes receivable | 150,000 |
|
Estimated revenues | 562,000 |
|
Estimated other financing sources | 110,000 |
|
Expenditures | 680,000 |
|
Due from other funds | 25,000 |
|
Allowance for uncollectible taxes |
| $ 25,000 |
Accounts payable |
| 40,000 |
Due to other funds |
| 20,000 |
Property tax revenues |
| 550,000 |
Transfers from other funds |
| 100,000 |
Appropriations |
| 690,000 |
Fund balanceunassigned | ________ | 152,000 |
Totals | $1,577,000 | $1,577,000 |
- What was balance in fund balanceunassigned on January 1, 2020, before the budget entry was made?
____________________
- Using the attached T-account template:
- Enter the unadjusted balances (above) and label each one BAL
- Prepare the required adjusting entry related to the uncollected taxes at year-end, 75% which are considered to be collectible within 60 days, and the remainder are uncollectible.
- Prepare the necessary closing entries for the year ended December 31, 2020, labeling the entries CE-1 an CE-2
- Prepare the 2020 operating statement for the general fund, in good form.
e. Prepare the December 31, 2020 balance sheet for the general fund, in good form.
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