Explore BrainMass
Share

Explore BrainMass

    Closing Entries: Bixby Village General Fund

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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.

    © BrainMass Inc. brainmass.com April 3, 2020, 5:57 pm ad1c9bdddf
    https://brainmass.com/business/the-closing-process/closing-entries-bixby-village-general-fund-185257

    Solution Preview

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

    Encumbrances ...

    Solution Summary

    Closing entries of given case study.

    $2.19

    ADVERTISEMENT