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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
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