The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $ 116,500 Taxes Receivable—Current 29,000 Allowance for Uncollectible Current Taxes $ 3,000 Accounts Payable 7,800 Due to Other Funds 5,500 Tax Anticipation Notes Payable 50,000 Fund Balance—Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338,500 What is the fund balance as of June 30, 2023, after all closing entries have been made?
The following is a pre-closing trial balance for Montpelier's General Fund as of June 30, 2023: Debits Credits Cash $ 116,500 Taxes Receivable—Current 29,000 Allowance for Uncollectible Current Taxes $ 3,000 Accounts Payable 7,800 Due to Other Funds 5,500 Tax Anticipation Notes Payable 50,000 Fund Balance—Unassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $ 338,500 $ 338,500 What is the fund balance as of June 30, 2023, after all closing entries have been made?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 6E
Related questions
Question
The following is a pre-closing
Debits | Credits | ||||||
Cash | $ | 116,500 | |||||
Taxes Receivable—Current | 29,000 | ||||||
Allowance for Uncollectible Current Taxes | $ | 3,000 | |||||
Accounts Payable | 7,800 | ||||||
Due to Other Funds | 5,500 | ||||||
Tax Anticipation Notes Payable | 50,000 | ||||||
Fund Balance—Unassigned | 70,200 | ||||||
Budgetary Fund Balance | 1,000 | ||||||
Estimated Revenues | 100,000 | ||||||
Revenues | 102,000 | ||||||
Appropriations | 99,000 | ||||||
Expenditures | 93,000 | ||||||
Totals | $ | 338,500 | $ | 338,500 | |||
What is the fund balance as of June 30, 2023, after all closing entries have been made?
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