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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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    https://brainmass.com/business/the-closing-process/closing-entries-for-town-of-irving-general-fund-185248

    Solution Preview

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

    Solution Summary

    Closing entries from given information provided.

    $2.19

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