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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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