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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
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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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 $ 94,000 126,000 14,700 1,125,000 26,000 1,230,000 37,000 $ 2,652,700 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 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
Transcribed Image Text: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 $ 94,000 126,000 14,700 1,125,000 26,000 1,230,000 37,000 $ 2,652,700 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 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
es Required: 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 list Journal entry worksheet B CD E < Record the entry to close the budgetary accounts. A Note: Enter debits before credits. Event 1 Record entry Fund Balance Spendable Total Assets Liabilities and Fund Balance Assets Assigned to General Journal b. 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 deducted should be indicated with minus sign. Clear entry Total Liabilities and Fund Balance LONE WOLF General Fund Balance Sheet December 31, 20X1 S Debit S 0 0 Credit 0 0 View general journal
Transcribed Image Text:es Required: 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 list Journal entry worksheet B CD E < Record the entry to close the budgetary accounts. A Note: Enter debits before credits. Event 1 Record entry Fund Balance Spendable Total Assets Liabilities and Fund Balance Assets Assigned to General Journal b. 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 deducted should be indicated with minus sign. Clear entry Total Liabilities and Fund Balance LONE WOLF General Fund Balance Sheet December 31, 20X1 S Debit S 0 0 Credit 0 0 View general journal
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