A pre-closing trial balance included the following account balances for Simpli C

Q: A pre-closing trial balance included the following account balances for Simpli C

$ DEBIT A/C CREDIT A/C CLOSING ENTRIES FOR GENERAL FUND 3500 DUE FRM OTHER FUNDS 14000 FUND BALANCE UNASSGINED 20000 EST REV 22000 REV 18000 APPROPRIATION 19000 EXP C/Y 1500 EXP P/Y 1000 OTHER FIN SOURCE 15000 UNASSIGNED $ DEBIT A/C CREDIT A/C CLOSING ENTRIES FOR GENERAL FUND 3500 DUE FRM OTHER FUNDS 14000 FUND BALANCE UNASSGINED 20000 EST REV 22000 REV 18000 APPROPRIATION 19000 EXP C/Y 1500 EXP P/Y 1000 OTHER FIN SOURCE 15000 UNASSIGNED

ID: 2598824 • Letter: A

Question

A pre-closing trial balance included the following account balances for Simpli City:

Due from other funds $ 3,500

Fund balance - unassigned 14,000

Estimated revenues 20,000

Revenues 22,000

Appropriations 18,000

Expenditures - current year 19,000

Expenditures - prior year 1,500

Other Financing Source - Nonreciprocal transfer in 1,000

Required: Prepare the necessary closing entries for the General Fund.

Explanation / Answer

DEBIT A/C

CREDIT A/C

CLOSING ENTRIES FOR GENERAL FUND

3500

DUE FRM OTHER FUNDS

14000

FUND BALANCE UNASSGINED

20000

EST REV

22000

REV

18000

APPROPRIATION

19000

EXP C/Y

1500

EXP P/Y

1000

OTHER FIN SOURCE

15000

UNASSIGNED