The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2017. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance and also prepare a condensed balance sheet. DebitCreditAccounts Payable..$ 90,000Cash$ 30,000Contracts Payable.Unavailable Revenues.90,00040,000Due from Capital Projects Funds.Due to Debt Service Funds..60,00040,000Expenditures.....Fund Balance-Unassigned530,000170,000Investments410,000Revenues.760,000300,000Other Financing Sources-Bond ProceedsOther Financing Sources-Transfers InOther Financing Uses-Transfers Out..50,000470,000Taxes Receivable220,000Vouchers Payable..180,000Totals.$1,720,000$1,720,000

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Answered: Debit Credit Accounts Payable.. $…

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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The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2017. Prepare a condensed statement of revenues, expenditures, and other changes in fund balance and also prepare a condensed balance sheet.

Debit
Credit
Accounts Payable..
$ 90,000
Cash
$ 30,000
Contracts Payable.
Unavailable Revenues.
90,000
40,000
Due from Capital Projects Funds.
Due to Debt Service Funds..
60,000
40,000
Expenditures.....
Fund Balance-Unassigned
530,000
170,000
Investments
410,000
Revenues.
760,000
300,000
Other Financing Sources-Bond Proceeds
Other Financing Sources-Transfers In
Other Financing Uses-Transfers Out..
50,000
470,000
Taxes Receivable
220,000
Vouchers Payable..
180,000
Totals.
$1,720,000
$1,720,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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