17-15 - P17-15 General Fund Closing Entries and Statements...

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General Fund Closing Entries and Statements a. Adjusting entries: (1) Inventory of Supplies 8,000 Expenditures 8,000 Establish ending inventory of supplies. (2) Fund Balance – Unreserved 8,000 Fund Balance – Reserved for Inventories 8,000 Reserve fund balance for supplies inventory. Closing entries: (1) APPROPRIATIONS CONTROL 1,400,000 ESTIMATED OTHER FINANCING USE – TRANSFER OUT 50,000 ESTIMATED REVENUES CONTROL 1,450,000 Close budgetary accounts. (2) BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 23,000 ENCUMBRANCES 23,000 Close remaining encumbrances. (3) Fund Balance – Unreserved 23,000 Fund Balance – Reserved for Encumbrances 23,000 Reserve fund balance for encumbrances that lapse, but may be renewed. (4) Property Tax Revenue 1,390,000 Grant Revenue 40,000 Miscellaneous Revenue 32,000 Expenditures 1,377,000 Other Financing Use – Transfer Out 50,000 Fund Balance – Unreserved 35,000 Close operating statement accounts. Fund balance
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This note was uploaded on 04/18/2008 for the course ACCT cost taught by Professor Staff during the Spring '08 term at Oklahoma State.

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17-15 - P17-15 General Fund Closing Entries and Statements...

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