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 Debits Credits Accounts Payable $ 3,100 Accrued Interest Receivable $ 1,250 Administrative Expense 7,410 Cash 65,940 Increase in Fair Value of Investments 5,500 Distributions—Scholarships 76,000 Interest Income 90,000 Investment in Bonds 1,520,000 Net Position: Restricted for Scholarships 1,572,000 $ 1,670,600 $ 1,670,600 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020
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 Debits Credits Accounts Payable $ 3,100 Accrued Interest Receivable $ 1,250 Administrative Expense 7,410 Cash 65,940 Increase in Fair Value of Investments 5,500 Distributions—Scholarships 76,000 Interest Income 90,000 Investment in Bonds 1,520,000 Net Position: Restricted for Scholarships 1,572,000 $ 1,670,600 $ 1,670,600 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below is the preclosing
| Trial Balance—December 31, 2020 | Debits | Credits | ||||
| Accounts Payable | $ | 3,100 | ||||
| Accrued Interest Receivable | $ | 1,250 | ||||
| Administrative Expense | 7,410 | |||||
| Cash | 65,940 | |||||
| Increase in Fair Value of Investments | 5,500 | |||||
| Distributions—Scholarships | 76,000 | |||||
| Interest Income | 90,000 | |||||
| Investment in Bonds | 1,520,000 | |||||
| Net Position: Restricted for Scholarships | 1,572,000 | |||||
| $ | 1,670,600 | $ | 1,670,600 | |||
Required:
Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020
Transcribed Image Text:General Statement of
Journal
Changes
Prepare the Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020.
ALGONQUIN SCHOOL DISTRICT
Statement of Changes in Fiduciary Net Position
Scholarship Trust Fund
For the Year Ended December 31, 2020
Additions:
Investment Earnings:
Total Additions
Deductions:
Total Deductions
Change in Fiduciary Net Position
< General Journal
$
0
0
0
0
Statement of Changes
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