The pre-closing, year-end trial balance for a capital projects fund of the city of Rochester as of

Question:

The pre-closing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows:

Required
1. Prepare closing entries as of December 31, 2019.
2. Prepare the year-end statement of revenues, expenditures, and changes in fund balances for this project that began on January 2, 2019.
3. Prepare the fund balance sheet as of December 31, 2019.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...