Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31, 2020 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Debits Credits $ 3,000 $ 1,210 7,170 62,920 5,300 73,000 86,000 Investment in Bonds 1,452,000 Net Position: Restricted for Scholarships 1,502,000 Increase in Fair Value of Investments Distributions-Scholarships Interest Income $1,596,300 $1,596,300 Required: Prepare the year-end closing entries and a Statement of Changes In Fiduciary Net Position for the year ended December 31, 2020. Complete this question by entering your answers in the tabs below. General Statement of Journal Changes Prepare the year-end closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the year-end closing entry for the fund. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31, 2020 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Debits Credits $ 3,000 $ 1,210 7,170 62,920 5,300 73,000 86,000 Investment in Bonds 1,452,000 Net Position: Restricted for Scholarships 1,502,000 Increase in Fair Value of Investments Distributions-Scholarships Interest Income $1,596,300 $1,596,300 Required: Prepare the year-end closing entries and a Statement of Changes In Fiduciary Net Position for the year ended December 31, 2020. Complete this question by entering your answers in the tabs below. General Statement of Journal Changes Prepare the year-end closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the year-end closing entry for the fund. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Chapter28: Income Taxati On Of Trusts And Estates
Section: Chapter Questions
Problem 16CE
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