Plz help 12. The Village of Seaside Pines prepared the following General Fund TrialBalance as of December 31, 2020, the last day of its fiscal year. Controlaccounts are used for budgetary entries.DebitsCreditsAccounts Payable19,000Allowance for Uncollectible Taxes12.000Appropriations (Control)Budgetary Fund Balance490,0009,000Cash$ 175,000Deferred Inflows-Property TaxesDue from Capital Projects Fund38.0005.000Due to Debt Service Fund17,000Encumbrances63,000Estimated Revenue (Control)534,000Estimated Other Financing Uses (Control)35,000General Government Expenditures138,00055.000Other Revenues491.000Property Tax RevenuePublic Safety ExpendituresBudgetary Fund Balance-295,00063,000Reserve for Encumbrances24,000Supplies Inventory100,000Tax Anticipation Note PayableTaxes Receivable205,00030,000Transfer Out (to Internal Service Fund)140,000Fund BalanceTotals$1,469,000$1,469,0001. Prepare the closing entries for December 31. (It is not necessary to usecontrol accounts and subsidiary ledgers.)

SOLUTION- CLOSING ENTRIES ALSO CALLED CLOSING JOURNAL ENTRIES , ARE ENTRIES MADE AT THE END OF THE…

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.)

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

Section: Chapter Questions

Problem 1Q

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