Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 449,000 Taxes receivable 310,000 Estimated revenues 1,500,000 Estimated other financing sources General expenditures 75,000 1,250,000 Capital outlay Debt service: principal payments 25,000 3,000 Debt service: interest payments 9,000 Transfers out 30,000 Due from other funds 15,000 Allowance for uncollectible taxes $75,000 Accounts payable 75,000 Due to other funds 30,000 Property tax revenues Speeding ticket revenues 1,250,000 500,000 Transfers in 15,000 Bond proceeds 80,000 Appropriations 1,295,000 Estimated other financing uses 36,000 Fund balance-unassigned 310,000 Totals $3,666,000 $3,666,000 By how much do the closing entries at the end of 2017 increase fund balance- unassigned? $14,000 $270,000 $298,000 $284,000

Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All numbers are in thousands. Debit Credit Cash $ 449,000 Taxes receivable 310,000 Estimated revenues 1,500,000 Estimated other financing sources General expenditures 75,000 1,250,000 Capital outlay Debt service: principal payments 25,000 3,000 Debt service: interest payments 9,000 Transfers out 30,000 Due from other funds 15,000 Allowance for uncollectible taxes $75,000 Accounts payable 75,000 Due to other funds 30,000 Property tax revenues Speeding ticket revenues 1,250,000 500,000 Transfers in 15,000 Bond proceeds 80,000 Appropriations 1,295,000 Estimated other financing uses 36,000 Fund balance-unassigned 310,000 Totals $3,666,000 $3,666,000 By how much do the closing entries at the end of 2017 increase fund balance- unassigned? $14,000 $270,000 $298,000 $284,000

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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