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The July 1, 2022 balance sheet for the general fund of the Town of Hiller, Texas is: Transactions for the town during fiscal 2023 were
The July 1, 2022 balance sheet for the general fund of the Town of Hiller, Texas is: Transactions for the town during fiscal 2023 were (in thousands): 2. Property taxes were accrued. Uncollectible taxes are considered negligible. are expected to be collected within 60 days of fiscal year-end. 4. Expenditures were $66,500, and purchase orders of $1,000 were outstanding at fiscal year-end. 5. Bills of $67,000 were paid in cash. 6. Fees and service charges of $13,500 were collected in cash. Required a. Prepare the journal entries to record the budget and transactions for fiscal 2023. b. Prepare closing entries for fiscal 2023. c. Compute the unassigned fund balance at June 30,2023. $ d. Prepare a budgetary comparison schedule for fiscal 2023. Use the GAAP budgetary basis. - Use negative signs with your answers to indicate an unfavorable variance. - Use a negative sign with your answers for Change in fund balances to represent a decrease in fund balance, if appropriate. e. Prepare the general fund balance sheet at June 30, 2023
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