you going to find the closing entry and prepare year end financial statement from the reference.

C. Prepare Closing Entries D. Prepare Year-End Financial Statements (Form of Statements in Packet)e 1 of 7 Q v Q Search PRACTICE SET Introduction In the practice set you will have the opportunity to maintain a set of accounting records for a typical local town government encompassing the first two months of its fiscal year. At the end of the second month we will make the adjusting and closing entries as if It were the end of the fiscal year. We will also prepare the appropriate financial statements. The town maintains its accounting records on the modified accrual basis of accounting. This means that all material items of revenues earned or expenditures incurred are accrued in order to prepare the financial statements. The accounting system used by the town is prescribed by the State Comptroller and consists of the following records: General Journal Cash Disbursements Journal D Cash Receipts Journal General Ledger AA Subsidiary Expenditure Ledger D Subsidiary Revenue Ledger . Also included in the practice set is a chart of accounts and a schedule of exhibits to assist in recording the appropriate transactions. Balances from the previous year have been brought forward in the General Ledger.Preview File Edit View Go Tools Window Help Q Tue May 9 10:53 PM Acct 5/9/23.pdf Page 2 of 7 b . ' Q Search Acct 5/9/23.pdf MAR-10-2010 07: 43P FROM: I CHOICE LLC 9145123000 TO:5123000 P. 2 PRACTICE SET Free... Practice Set RR CHART OF ACCOUNTS General Fund -General Ledger Account Codes Assets 4200 Cash A201 Cash in Time Deposits A250 Taxes Receivable, Current A410 State and Federal, Other A440 Due from Other Governments Budgetary and Expenditure Accounts A510 Estimated Revenues A521 Encumbrances A522 Expenditures A599 Appropriated Fund Balance Liabilities A600 Accounts Payable A601 Accrued Liabilities Fund Balance, Reserved 2 A821 Reserve for Encumbrances Fund Balance, Unreserved A909 Fund Balance, Unreserved Budgetary and Revenue Accounts A960 Appropriations A980 Revenues + MAY C 9 WPreview File Edit View Go Tools Window Help Q Tue May 9 10:53 PM Acct 5/9/23.pdf Page 3 of 7 1 Q Q " b ~ D' A Q Search Acct 5/9/23.pdf Practice Set KOF . B General Fund - Individual Revenue and Expenditure Account Codes Free... Revenue Account Codes RR A1001 Real Property Taxes A1090 Interest on Taxes A1120 Non-Property Tax Distribution by County (Sales Tax) A1255 Clerk Fees A3820 Youth Programs Expenditure Account Codes A1990.4 Contingent Accoun A3120.1 Police - Personal Services A3120.2 Police - Equipment and Other Capital Outlay A3120.4 Police - Contractual Expenditure A7110.1 Parks - Personal Services A7110.2 Parks - Equipment and Other Capital Outlay A7110.4 Parks - Contractual Expenditure Practice Set - Assumptions and Exhibits The following assumptions and exhibits will be used in preparing the practice set. 2 The Town's opening balances are: 200 Cash $40,000 410 State and Federal, Other $10,000 440 Due from Other Governments $10,000 909 Fund Balance $60,000 (General Ledgers are already posted) Exhibit A The following budget was approved for 20XX year: A510 Estimated Revenues $ 100,000 A1001 Real Property Taxes $50,000 1120 Sales Tax 40,000 A3820 State A 10,000 3 A599 Appropriated Fund $ 30,000 Appropriations $ 130,000 + A960 MAY 9 WGo Help Q Tue May 9 10:53 PM Preview File Edit View Tools Window Acct 5/9/23.pdf b . D' A Q Search Page 4 of 7 TIMES LU LULU UPSTOP FRUITEL UNULVE LLU Acct 5/9/23.pdf Practice Set Free... Appropriation Subsidiaries RR A3120.1 Police - Personal Services $ 50,000 A3120.2 Police - Equipment 21,000 2 A3120.4 Police - Contractual 11,000 A7110.1 Parks - Personal Services 25,000 A7110.2 Parks - Equipment 12,000 A7110.4 Parks - Contractual 10.000 A1990.4 Contingent Account 1.000 $130 000 Exhibit B The following payrolls were prepared and recorded during the first two months. The town pays all employees on a bi-weekly basis Payroll #1 Police 3120.1 $ 1,500.00 Parks 7110.1 $ 750.00 (only gross payroll entries will be made) 3 Payroll #2 Police 3120.1 $ 1,500.00 Parks 7110.1 $ 750.00 Payroll #3 Police 3120. $ 1,500.00 Parks 7110.1 $ 750.00 Payroll #4 Police 3120.1 $ 1,500.00 Parks 7110.1 $ 750.00 4 + MAY 9 WPreview File Edit View Go Tools Window Help Q Tue May 9 10:53 PM Acct 5/9/23.pdf . ' A Q Search Page 5 of 7 MAR-10-2010 07: 43P FROM: I CHOICE LLC 9145123000 TO: 5123000 P . 5 Acct 5/9/23.pdf Free... Practice Set PROF B RR The following abstracts were paid during the two-month period of our practice set. 3 Exhibit C Abstract #1 Claim # Claimant Account Amount Check # ABC Park Equipment 7110.2 $ 300.00 Lewis Uniforms 3120.4 500.00 100.00 A WN Handy Plumbing 7110.4 King Hardware 7110.4 250.00 Eager Janitorial Service 3120.4 100.00 $1,250.00 Summary 3120.4 $ 600.00 7110.2 300.00 7110.4 350.00 $1,250,000 4 Abstract #2 Claim # Claimant Account Amount Check # Jack's Printing Company 7110.4 200.00 6 XYZ Equipment 3120.2 *12,400.00 8 Jones Lumber 7110.4 100.00 Handy Plumbing 7110.4 100.00 10 Lewis Uniforms 3120.4 400.00 $13.200.00 Summary 3120.2 $ 12,400.00 3120.4 400.00 7110.4 400.00 $13,200.00 5 * This was originally encumbered. + MAY C 9Preview File Edit View Go Tools Window Help Q Tue May 9 10:53 PM Acct 5/9/23.pdf Page 6 of 7 1 Q Q J J . ' A Q Search Acct 5/9/23.pdf A. Accounting Entries Free... January 2 The budget included in Exhibit A is journalized and posted to the appropriate ledgers. January 2 - Real Property Tax bills are prepared and mailed amounting to $50,000. RR 4 January 5 - Sales Tax Revenues ($10,000) for the 4" quarter of last year is received. January 10 - A State aid youth claim is prepared and submitted for $1,000. Moneys are anticipated to be received during the town's fiscal year. January 15 Payroll #1 in Exhibit B is paid. January 20 - Received prior year State aid claim accrued minus $500 disallowance. January 29 - Exhibit B is paid. January 30 - Abstract #1 in Exhibit C is paid. January 31 - Tax Collector remits tax moneys in the amount of $40,000. 5 February 1 The Police Department issues purchase order #1 for equipment (3120.2) in the amount of $13,000. February 2 Receives State aid for youth program in the amount of $1, 100 ($100 adjustment for mathematical mistake) February 10 Tax Collector submits balance of taxes ($10,000) in addition to $200 in interest. February 16 - Payroll #3 in Exhibit B is paid. February 17 - The Police Department issues purchase order #2 for equipment in the amount of $9,000. (Hint: If there is insufficient appropriations, transfer from 3120.4.) 6 February 22 - Paid Abstract #2 Exhibit C. + MAY 9 O - 23