Explore BrainMass

Explore BrainMass

    Closing Entries for Town of Irving, General Fund

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

    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

    © BrainMass Inc. brainmass.com April 3, 2020, 5:57 pm ad1c9bdddf

    Solution Preview

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

    Solution Summary

    Closing entries from given information provided.