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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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