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Closing Entries for Town of Irving, General Fund

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

Solution Preview

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

Solution Summary

Closing entries from given information provided.