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 and the required resources of this module: 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.
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 and the required resources of this module: 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The Principal City prepared the
After having studied the Trial Balance of the company and the required resources of this module:
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.
Transcribed Image Text: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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