4-2. The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2020, the last day of its fiscal year. Control accounts are used for budgetary entries. Debits Credits Accounts Payable $19.000 Allowance for Uncollectible Taxes 12.000 Appropriations (Control) 490,000 Budgetary Fund Balance Cash 9,000 $ 175,000 Deferred Inflows-Property Taxes Due from Capital Projects Fund 38,000 5,000 Due to Debt Service Fund 17,000 Encumbrances 63,000 Estimated Revenue (Control) 534,000 35,000 Estimated Other Financing Uses (Control) General Government Expenditures 138,000 55.000 Other Revenues 491,000 Property Tax Revenue Public Safety Expenditures Budgetary Fund Balance- Reserve for Encumbrances 295,000 63,000 24,000 Supplies Inventory Tax Anticipation Note Payable Taxes Receivable 100,000 205,000 Transfer Out (to Internal Service Fund) 30,000 140,000 Fund Balance $1,469,000 $1,469,000 Totals 1. Prepare the closing entries for December 31. (It is not necessary to use control accounts and subsidiary ledgers.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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12. The Village of Seaside Pines prepared the following General Fund Trial
Balance as of December 31, 2020, the last day of its fiscal year. Control
accounts are used for budgetary entries.
Debits
Credits
Accounts Payable
19,000
Allowance for Uncollectible Taxes
12.000
Appropriations (Control)
Budgetary Fund Balance
490,000
9,000
Cash
$ 175,000
Deferred Inflows-Property Taxes
Due from Capital Projects Fund
38.000
5.000
Due to Debt Service Fund
17,000
Encumbrances
63,000
Estimated Revenue (Control)
534,000
Estimated Other Financing Uses (Control)
35,000
General Government Expenditures
138,000
55.000
Other Revenues
491.000
Property Tax Revenue
Public Safety Expenditures
Budgetary Fund Balance-
295,000
63,000
Reserve for Encumbrances
24,000
Supplies Inventory
100,000
Tax Anticipation Note Payable
Taxes Receivable
205,000
30,000
Transfer Out (to Internal Service Fund)
140,000
Fund Balance
Totals
$1,469,000
$1,469,000
1. Prepare the closing entries for December 31. (It is not necessary to use
control accounts and subsidiary ledgers.)
Transcribed Image Text:12. The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2020, the last day of its fiscal year. Control accounts are used for budgetary entries. Debits Credits Accounts Payable 19,000 Allowance for Uncollectible Taxes 12.000 Appropriations (Control) Budgetary Fund Balance 490,000 9,000 Cash $ 175,000 Deferred Inflows-Property Taxes Due from Capital Projects Fund 38.000 5.000 Due to Debt Service Fund 17,000 Encumbrances 63,000 Estimated Revenue (Control) 534,000 Estimated Other Financing Uses (Control) 35,000 General Government Expenditures 138,000 55.000 Other Revenues 491.000 Property Tax Revenue Public Safety Expenditures Budgetary Fund Balance- 295,000 63,000 Reserve for Encumbrances 24,000 Supplies Inventory 100,000 Tax Anticipation Note Payable Taxes Receivable 205,000 30,000 Transfer Out (to Internal Service Fund) 140,000 Fund Balance Totals $1,469,000 $1,469,000 1. Prepare the closing entries for December 31. (It is not necessary to use control accounts and subsidiary ledgers.)
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