Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County:All numbers are in thousands.By how much do the closing entries at the end of 2017 increase fund balance-unassigned? $14,000$270,000$298,000$284,000 DebitCreditCash$ 449,000Taxes receivable310,000Estimated revenues1,500,000Estimated other financing sources75,000General expenditures1,250,000Capital outlay25,000Debt service: principal payments3,000Debt service: interest payments9,000Transfers out30,000Due from other funds15,000Allowance for uncollectible taxes$75,000Accounts payable75,000Due to other funds30,000Property tax revenues1,250,000Speeding ticket revenues500,000Transfers in15,000Bond proceeds80,000Appropriations1,295,000Estimated other financing uses36,000Fund balance-unassigned310,000Totals$3,666,000 $3,666,000

The unsigned fund balance is determined by adjusting the difference between general fund revenue and…

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rs are in thousands. By how much do the closing entries at the end of 2017 increase fund balance-unassigned?

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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Question

Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County:

All numbers are in thousands.

By how much do the closing entries at the end of 2017 increase fund balance-unassigned?

$14,000

$270,000

$298,000

$284,000

Debit
Credit
Cash
$ 449,000
Taxes receivable
310,000
Estimated revenues
1,500,000
Estimated other financing sources
75,000
General expenditures
1,250,000
Capital outlay
25,000
Debt service: principal payments
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
1,250,000
Speeding ticket revenues
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

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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