The following information is provided about some of the Town of Truesdale’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 3,150,000 Revenues 3,190,000 Appropriations 3,185,000 Expenditures 3,175,000 Estimated other financing sources 400,000 Encumbrances 20,000 Encumbrances outstanding 20,000 Budgetary fund balance (calculate) The Town of Truesdale will honor all of its outstanding encumbrances in the next fiscal period. Prepare the journal entry(ies) to close budgetary accounts required to be closed at the fiscal year end using the information provided.
The following information is provided about some of the Town of Truesdale’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 3,150,000 Revenues 3,190,000 Appropriations 3,185,000 Expenditures 3,175,000 Estimated other financing sources 400,000 Encumbrances 20,000 Encumbrances outstanding 20,000 Budgetary fund balance (calculate) The Town of Truesdale will honor all of its outstanding encumbrances in the next fiscal period. Prepare the journal entry(ies) to close budgetary accounts required to be closed at the fiscal year end using the information provided.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is provided about some of the Town of Truesdale’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30.
| Estimated revenues | $ | 3,150,000 | |
| Revenues | 3,190,000 | ||
| Appropriations | 3,185,000 | ||
| Expenditures | 3,175,000 | ||
| Estimated other financing sources | 400,000 | ||
| Encumbrances | 20,000 | ||
| Encumbrances outstanding | 20,000 | ||
| Budgetary fund balance | (calculate) | ||
The Town of Truesdale will honor all of its outstanding encumbrances in the next fiscal period. Prepare the
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