Closing entries The ledger of the General Fund of the City of New Lanier shows the following balances at the end of its fiscal year. Estimated revenues $600,000 Appropriations 610,000 Budgetary fund balance 10,000 Revenues 600,000 Expenditures 570,000 Prepare closing journal entries for the budgetary and financial accounts. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Enter 0 or leave the field blank if no entry is required. Account Debit Credit To close budgetary accounts. To close financial accounts.

Closing entries The ledger of the General Fund of the City of New Lanier shows the following balances at the end of its fiscal year. Estimated revenues $600,000 Appropriations 610,000 Budgetary fund balance 10,000 Revenues 600,000 Expenditures 570,000 Prepare closing journal entries for the budgetary and financial accounts. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Enter 0 or leave the field blank if no entry is required. Account Debit Credit To close budgetary accounts. To close financial accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Following is information on two alternative investments. Beachside Resort is considering building a new pool or spa. The company requires a 12% return from its investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Initial investment Pool $ (174,325) Spa $ (155,960) Net cash flows in: Year 1 54,000 28,000 Year 2 43,000 51,000 Year 3 76,295 58,000 Year 4 88,400 80,000 Year 5 65,000 19,000 a. For each investment project compute the net present value. b. For each investment project compute the profitability index. c. If the company can only select one project, which should it choose on the basis of profitability index? Complete this question by entering your answers in the tabs below. Req A Req B and C For each investment project compute the net present value. Pool Net Cash Flows x Present Value Year 1 Year 2 Year 3 Year 4 Year 5 Totals Spa Net Cash Flows X Present Value Year 1 Year 2 Year 3 Year 4 Year 5 Totals = = = = = = =…
two questions
How do I do number 2 ?
88 MULTIPLE CHOICE Question 6 Listen If f(x)= and g(x) = x²-16, then what is the value of f(g(4))? A 0 B 4 C undefined
LO 7.4 Name the four main special journals.
Can you answer part 4
5 basic of pulic sector ethics
what is 2 plus eight ?
A. For what values of x is f(x) NOT y 00 6 4 2 X -3-2-10 1 2 3 4 5
4+1?
can you answer d
7.Explain briefly on the misconception about Riba