4. City of Atwater wants to prepare closing entries at theend of a fiscal year for budgetary and operatingstatement control accounts in the general ledger of theGeneral Fund. Following balance are belong to the City.Appropriations, $7,824,000%3;Financing Uses, $2,766,000;Estimated Revenues, $7,798,000;Encumbrances,$0;Expenditures, $5,900,0003;Uses, $2,770,000;Revenues, $8,980,000.RequiredShow in general journal form the entry needed toclose all of the preceding accounts that should beclosed as of the end of the fiscal year.Estimated OtherOther Financing

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Answered: end of a fiscal year for budg tement…

end of a fiscal year for budg tement control accounts in the neral Fund. Following balance opropriations, $7,824,000; hancing Uses $2.766 .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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Question

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4. City of Atwater wants to prepare closing entries at the
end of a fiscal year for budgetary and operating
statement control accounts in the general ledger of the
General Fund. Following balance are belong to the City.
Appropriations, $7,824,000%3;
Financing Uses, $2,766,000;
Estimated Revenues, $7,798,000;
Encumbrances,$0;
Expenditures, $5,900,0003;
Uses, $2,770,000;
Revenues, $8,980,000.
Required
Show in general journal form the entry needed to
close all of the preceding accounts that should be
closed as of the end of the fiscal year.
Estimated Other
Other Financing

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