17-10 - (5) Fund Balance Unreserved 25,000 Other Financing...

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E17-10 Closing Entries and Balance Sheet a. Closing entries for the general fund: (1) APPROPRIATIONS CONTROL 1,145,000 ESTIMATED OTHER FINANCING USE – TRANSFER OUT 25,000 BUDGETARY FUND BALANCE – UNRESERVED 30,000 ESTIMATED REVENUES CONTROL 1,200,000 Close budgetary accounts. (2) BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 32,000 ENCUMBRANCES 32,000 Close remaining encumbrances by reversing remaining budgetary balance. (3) Fund Balance – Unreserved 32,000 Fund Balance – Reserved for Encumbrances 32,000 Reserve fund balance for encumbrances that lapse, but are expected to be honored in 20X2. (4) Property Tax Revenue 1,130,000 Miscellaneous Revenue 40,000 Expenditures 1,140,000 Fund Balance – Unreserved 30,000 Close operating statement accounts.
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Unformatted text preview: (5) Fund Balance Unreserved 25,000 Other Financing Use Transfer Out 25,000 Close transfer out. 119,000 less 32,000 plus 30,000 less 25,000 92,000 E17-10 (continued) b. General fund balance sheet: Lone Wolf General Fund Balance Sheet December 31, 20X1 Assets Cash $ 90,000 Property Taxes Receivable Delinquent $100,000 Less: Allowance for Uncollectibles Delinquent (7,200 ) 92,800 Due from Other Funds 14,600 Total Assets $ 197,400 Liabilities and Fund Balance Vouchers Payable $ 65,000 Due to Other Funds 8,400 Fund Balance: Reserved for Encumbrances $ 32,000 Unreserved 92,000 124,000 Total Liabilities and Fund Balance $ 197,400...
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17-10 - (5) Fund Balance Unreserved 25,000 Other Financing...

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