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The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31. Trial Balance: Debits Credits Accounts payable 96,000 Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47.000 Allowance for uncollectible accounts 12,000 Capital assets 712.000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479.000 Depreciation expense 45.000 Due from general fund 17.000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable 625.000 Supplies inventory 18.000 Totals 1,479.000 1.479.000

The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31. Trial Balance: Debits Credits Accounts payable 96,000 Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47.000 Allowance for uncollectible accounts 12,000 Capital assets 712.000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479.000 Depreciation expense 45.000 Due from general fund 17.000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable 625.000 Supplies inventory 18.000 Totals 1,479.000 1.479.000

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 Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31. Trial Balance: Debits Credits Accounts payable 96,000 Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479,000 Depreciation expense 45,000 Due from general fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable 625.000 Supplies inventory 18,000 Totals 1,479,000 1.479,000
Transcribed Image Text:The Principal City prepared the Trial Balance of the corporate-type fund as of December 31, 20X1. The enterprise fund was established this year through a transfer from the general fund. After having studied the Trial Balance of the company: 1.Prepare the fund's closing entries as of December 31, 20X1. 2.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ending December 31. Trial Balance: Debits Credits Accounts payable 96,000 Accounts receivable 32,000 Accrued interest payable 28,000 Accumulated depreciation 45,000 Administrative and selling expenses 47,000 Allowance for uncollectible accounts 12,000 Capital assets 712,000 Cash 89,000 Charges for sales and services 550,000 Cost of sales and services 479,000 Depreciation expense 45,000 Due from general fund 17,000 Interest expense 40,000 Interest revenue 4,000 Transfer in from general fund 119,000 Bank note payable 625.000 Supplies inventory 18,000 Totals 1,479,000 1.479,000
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