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Closing Entries for Town of Irving, General Fund

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From the following ledger account balances for the Town of Irving General Fund on June 30, 2006, the end of the town's fiscal year, prepare closing entries:

Appropriations $1,520,000
Encumbrances 10,000
Estimated revenues 1,600,000
Expenditures 1,500,000
Fund balance reserved for encumbrances 10,000
Revenues 1,616,000

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Appropriations (DR) 1,520,000
Budgetary Fund Balance (DR) 80,000
Estimated Revenues ...

Solution Summary

Closing entries from given information provided.

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