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Required: 1. Prepare the closing entry for General Fund accounts (both budgetary and actual events). 2 Calculate the fund balance ending for Al Khor City.

Required: 1. Prepare the closing entry for General Fund accounts (both budgetary and actual events). 2 Calculate the fund balance ending for Al Khor City.

FINANCIAL ACCOUNTING
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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B. The following information appeared from the adjusted trial balance of the public finances of Al Khor City at the end of the 2016 fiscal year: Actual fund balance, beginning Estimated revenues Appropriations Revenues (actual( Expenditures 59715 150,000 620,000 610,000 625,000 605,000 Required: 1. Prepare the closing entry for General Fund accounts (both budgetary and actual events). 2. Calculate the fund balance ending for Al Khor City.
Transcribed Image Text:B. The following information appeared from the adjusted trial balance of the public finances of Al Khor City at the end of the 2016 fiscal year: Actual fund balance, beginning Estimated revenues Appropriations Revenues (actual( Expenditures 59715 150,000 620,000 610,000 625,000 605,000 Required: 1. Prepare the closing entry for General Fund accounts (both budgetary and actual events). 2. Calculate the fund balance ending for Al Khor City.
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