The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total $ Debit 96,000 104,600 14,200 1,135,000 29,000 1,227,000 40,000 $ Credit 7,100 67,000 8,700 118,000 1,140,000 38,000 1,155,000 29,000 40,000 43,000 $2,645,800 $2,645,800 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total $ Debit 96,000 104,600 14,200 1,135,000 29,000 1,227,000 40,000 $ Credit 7,100 67,000 8,700 118,000 1,140,000 38,000 1,155,000 29,000 40,000 43,000 $2,645,800 $2,645,800 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me with the two parts that are marked incorrect.
Do not give answer in image
![Required:
a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry requi
in the first account field.)
No
A
B
с
D
E
Event
1
2
3
4
Spendable:
5
Vouchers payable
Due to other funds
Fund Balance:
Assets
Assigned to:
Appropriations control
Estimated other financing uses-transfer out
Budgetary fund balance-unassigned
Estimated revenues control
Encumbrances
Budgetary fund balance-assigned for encumbrances
Encumbrances
Fund balance-unassigned
Fund balance assigned for encumbrances.
Property tax revenue
Miscellaneous revenue
Expenditures
Fund balance-unassigned
Cash
Property taxes receivable-delinquent
Allowance for uncollectibles-delinquent
Due from other funds
Total Assets
Liabilities and Fund Balance
Fund balance-unassigned
Other financing uses-transfer out
Answer is complete and correct.
LONE WOLF
General Fund
Balance Sheet
December 31, 20X1
Answer is not complete.
Unassigned
Total Liabilities and Fund Balance
General Journal
3333
✔$104,600
(7,100)
✔
✔
X$ 40,000✔
$ 96,000
97,500
193,500
$ 67,000
8,700
43,000 X 83,000
✓
158,700
›› › ›
b. Prepare a general fund-only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement to
select the appropriate answers. Amounts to be deducted should be indicated with minus sign.)
✓
›› ›› ››››
✓
✔
✓
✓
✓
✔
Debit
1,155,000✔
29,000
43,000✔
40,000✔
40,000✔
1,140,000✔
38,000✔
29,000✔
Credit
1,227,000✔
40,000
40,000✔
1,135,000✔
43,000✔
29,000✔](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1eb60714-52bf-4cad-ad1d-43d1665fb7ac%2F5a24ad10-cbfb-4ca4-81bd-8ed94192c4f4%2Fpf7srfd_processed.png&w=3840&q=75)
Transcribed Image Text:Required:
a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry requi
in the first account field.)
No
A
B
с
D
E
Event
1
2
3
4
Spendable:
5
Vouchers payable
Due to other funds
Fund Balance:
Assets
Assigned to:
Appropriations control
Estimated other financing uses-transfer out
Budgetary fund balance-unassigned
Estimated revenues control
Encumbrances
Budgetary fund balance-assigned for encumbrances
Encumbrances
Fund balance-unassigned
Fund balance assigned for encumbrances.
Property tax revenue
Miscellaneous revenue
Expenditures
Fund balance-unassigned
Cash
Property taxes receivable-delinquent
Allowance for uncollectibles-delinquent
Due from other funds
Total Assets
Liabilities and Fund Balance
Fund balance-unassigned
Other financing uses-transfer out
Answer is complete and correct.
LONE WOLF
General Fund
Balance Sheet
December 31, 20X1
Answer is not complete.
Unassigned
Total Liabilities and Fund Balance
General Journal
3333
✔$104,600
(7,100)
✔
✔
X$ 40,000✔
$ 96,000
97,500
193,500
$ 67,000
8,700
43,000 X 83,000
✓
158,700
›› › ›
b. Prepare a general fund-only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement to
select the appropriate answers. Amounts to be deducted should be indicated with minus sign.)
✓
›› ›› ››››
✓
✔
✓
✓
✓
✔
Debit
1,155,000✔
29,000
43,000✔
40,000✔
40,000✔
1,140,000✔
38,000✔
29,000✔
Credit
1,227,000✔
40,000
40,000✔
1,135,000✔
43,000✔
29,000✔
![The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows.
Debit
96,000
104,600
Cash
Property Taxes Receivable-Delinquent
Allowance for Uncollectibles-Delinquent
Due from Other Funds
Vouchers Payable
Due to Other Funds.
Fund Balance-Unassigned
Property Tax Revenue
Miscellaneous Revenue
Expenditures
Other Financing Uses-Transfer Out
Estimated Revenues Control
Appropriations Control
Estimated Other Financing Uses-Transfer Out
Encumbrances
Budgetary Fund Balance-Assigned for Encumbrances
Budgetary Fund Balance-Unassigned
Total
$
14,200
1,135,000
29,000
1,227,000
40,000
$
Credit
7,100
67,000
8,700
118,000
1,140,000
38,000
1,155,000
29,000
40,000
43,000
$2,645,800 $2,645,800
Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1eb60714-52bf-4cad-ad1d-43d1665fb7ac%2F5a24ad10-cbfb-4ca4-81bd-8ed94192c4f4%2F85lvoh8_processed.png&w=3840&q=75)
Transcribed Image Text:The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows.
Debit
96,000
104,600
Cash
Property Taxes Receivable-Delinquent
Allowance for Uncollectibles-Delinquent
Due from Other Funds
Vouchers Payable
Due to Other Funds.
Fund Balance-Unassigned
Property Tax Revenue
Miscellaneous Revenue
Expenditures
Other Financing Uses-Transfer Out
Estimated Revenues Control
Appropriations Control
Estimated Other Financing Uses-Transfer Out
Encumbrances
Budgetary Fund Balance-Assigned for Encumbrances
Budgetary Fund Balance-Unassigned
Total
$
14,200
1,135,000
29,000
1,227,000
40,000
$
Credit
7,100
67,000
8,700
118,000
1,140,000
38,000
1,155,000
29,000
40,000
43,000
$2,645,800 $2,645,800
Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
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