no handwritten The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows.CashProperty Taxes Receivable-DelinquentAllowance for Uncollectibles-DelinquentDue from Other FundsVouchers PayableDue to Other FundsFund Balance-UnassignedProperty Tax RevenueMiscellaneous RevenueExpendituresOther Financing Uses-Transfer OutEstimated Revenues ControlAppropriations ControlEstimated Other Financing Uses-Transfer OutEncumbrancesBudgetary Fund Balance-Assigned for EncumbrancesBudgetary Fund Balance-UnassignedTotalDebit$ 94,000126,00014,7001,125,00026,0001,230,00037,000$ 2,652,700Credit$ 7,40066,0008,300120,0001,145,00039,0001,145,00026,00037,00059,000$ 2,652,700Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances. esRequired:a. Prepare the closing entries for the general fund.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheetB CD E<Record the entry to close the budgetary accounts.ANote: Enter debits before credits.Event1Record entryFund BalanceSpendableTotal AssetsLiabilities and Fund BalanceAssetsAssigned toGeneral Journalb. Prepare a general fund-only balance sheet at December 31, 20X1.Note: Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deductedshould be indicated with minus sign.Clear entryTotal Liabilities and Fund BalanceLONE WOLFGeneral FundBalance SheetDecember 31, 20X1SDebitS00Credit00View general journal

Answer - A closing journal entry is made at the end of the accounting period where financial data…

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 i Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit $ 94,000 126,000 14,700 1,125,000. 26,000 1,230,000 37,000 Credit $ 7,400 66,000 8,300 120,000 1,145,000 39,000 1,145,000 26,000 37,000 59,000 $ 2,652,700 $ 2,652,700 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumb

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 i Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit $ 94,000 126,000 14,700 1,125,000. 26,000 1,230,000 37,000 Credit $ 7,400 66,000 8,300 120,000 1,145,000 39,000 1,145,000 26,000 37,000 59,000 $ 2,652,700 $ 2,652,700 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumb

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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