Following is the trial balance of the City of Kendall Green’s General Fund on December 31, 2019.Using MS-Excel, prepare well-formatted worksheets as follows:(a) closing entries **Transcription of Accounting Statement****Debits and Credits Overview**- **Cash** - Debits: $20,000- **Property Taxes Receivable** - Debits: $30,000- **Due from Other Funds** - Debits: $10,000- **Vouchers Payable** - Credits: $15,000- **Unassigned Fund Balance, January 1, 2019** - Credits: $25,000- **Revenues** - Property Taxes: - Credits: $325,000 - Other: - Credits: $35,000- **Expenditures** - Salaries: - Debits: $280,000 - Materials: - Debits: $20,000- **Transfer Out to Debt Service Fund** - Debits: $40,000- **Encumbrances—Materials** - Debits: $4,000- **Budgetary Fund Balance Reserved for Encumbrances** - Credits: $4,000- **Estimated Revenues** - Property Taxes: - Debits: $325,000 - Other: - Debits: $40,000- **Appropriations** - Salaries: - Credits: $290,000 - Materials: - Credits: $25,000 - Transfer Out to Debt Service Fund: - Credits: $40,000- **Budgetary Fund Balance** - Debits: $10,000**Totals**- Debits: $769,000- Credits: $769,000**Explanation of Figures**This accounting statement details the financial activities related to cash, receivables, payables, revenues, and expenditures. - The **Debits** section primarily lists various assets and expenditures including cash, receivables, and transfers out. - The **Credits** section includes liabilities, fund balances, and revenue items.The totals for both debits and credits equal $769,000, ensuring the accounts are balanced. This document is useful for understanding the flow of funds and the overall financial position at a snapshot in time.

It is made for closing the temporary accounts.

ebits Cash $ 20,000 Property taxes receivable 30,000 Due from other funds 10,000 Vouchers payable $ 15,000 Unassigned fund balance, January 1, 2019 Revenues-property taxes 25,000 325,000 Revenues-other 35,000 Expenditures-salaries 280,000 Expenditures-materials 20,000

ebits Cash $ 20,000 Property taxes receivable 30,000 Due from other funds 10,000 Vouchers payable $ 15,000 Unassigned fund balance, January 1, 2019 Revenues-property taxes 25,000 325,000 Revenues-other 35,000 Expenditures-salaries 280,000 Expenditures-materials 20,000

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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