Chap017-baker 23

Chap017-baker 23 - (3 Fund Balance – Unreserved 32,000...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-23 E17-10 Closing Entries and Balance Sheet a. Closing entries for the general fund: (1) APPROPRIATIONS CONTROL 1,145,000 ESTIMATED OTHER FINANCING USES– 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.
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Unformatted text preview: (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. (5) Fund Balance – Unreserved 25,000 Other Financing Uses – Transfer Out 25,000 Close transfer out....
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

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