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Closing Entries: Bixby Village General Fund

Selected ledger account balances of Bixby Village General Fund on June 30, 2006, were as follows:

DEBIT CREDIT
Appropriations $ 400,000
Budgetary fund balance 30,000
Encumbrances $ 1,000
Estimated other financing sources 10,000
Estimated other financing uses 6,000
Estimated revenues 426,000
Expenditures 395,000
Fund balance reserved for encumbrances 1,000
Other financing sources 14,000
Other financing uses 5,000
Revenues 440,000
Unreserved and undesignated fund balance 80,000

Prepare closing entries (omit explanations) for Bixby Village General Fund on June 30,2006.

Solution Preview

Revenues 440,000
Estimated 426,000
Other sources 14,000

Encumbrances ...

Solution Summary

Closing entries of given case study.

$2.19