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Unformatted text preview: Matured Bonds Payable 300,000 Matured Interest Payable 13,500 Cash 313,500 Record payment of matured bonds and interest. 4. Closing entries in the general fund for 20X8: BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 83,000 ENCUMBRANCES 83,000 Close outstanding encumbrances at year-end. Fund Balance – Unreserved 83,000 Fund Balance – Reserved for Encumbrances 83,000 Reserve actual fund balance for encumbrances expected to be honored in 20X9. 5. Adjusting entry in the general fund for 20X8: Fund Balance – Reserved for Inventories 3,000 Inventory of Supplies 3,000 Adjust inventory of supplies to balance at December 31, 20X8....
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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.
- Fall '11