Accounting Cycle ProjectFollowing is the trial balance of City of Kendall Green’s General Fund at December 31, 2019. Using MS-Excel, prepare well-formatted worksheets as follows:(a) closing entries(b) a post-closing trial balance.(c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019(d) a balance sheet at December 31, 2019. Debits$ 20,000CreditsCashProperty taxes receivable30,000Due from other funds10,000Vouchers payable$ 15,000Unassigned fund balance, January 1, 2019Revenues-property taxes25,000325,000Revenues-other35,000Expenditures-salariesExpenditures-materials280,00020,000Transfer out to Debt Service Fund40,000Encumbrances-materials4,0004,000|Budgetary fund balance reserved for encumbrancesEstimated revenues--property taxes325,000Estimated revenues–other40,000Appropriations- salariesAppropriations-materialsAppropriations-transfer out to Debt Service FundBudgetary fund balance290,00025,00040,00010,000$769,000Totals$769,000

Every company maintains its records under which it prepares the financial statements which include…

Answered: Following is the trial balance of City…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Accounting Cycle Project

Following is the trial balance of City of Kendall Green’s General Fund at December 31, 2019.

Using MS-Excel, prepare well-formatted worksheets as follows:

(a) closing entries

(b) a post-closing trial balance.

(c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019

(d) a balance sheet at December 31, 2019.

Debits
$ 20,000
Credits
Cash
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
Expenditures-materials
280,000
20,000
Transfer out to Debt Service Fund
40,000
Encumbrances-materials
4,000
4,000|
Budgetary fund balance reserved for encumbrances
Estimated revenues--property taxes
325,000
Estimated revenues–other
40,000
Appropriations- salaries
Appropriations-materials
Appropriations-transfer out to Debt Service Fund
Budgetary fund balance
290,000
25,000
40,000
10,000
$769,000
Totals
$769,000

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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