Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31, 2024 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Position-Restricted for Scholarships Debits Credits $4,500 $2,530 9,080 69,890 7,000 92,000 107,000 1,616,000 $1,789,500 1,671,000 $1,789,500 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2024 Complete this question by entering your answers in the tabs below. General Journal Statement of Changes Prepare the year-end closing entries. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Trial Balance-December 31, 2024 Accounts Payable Accrued Interest Receivable Administrative Expense Cash Increase in Fair Value of Investments Distributions-Scholarships Interest Income Investment in Bonds Net Position-Restricted for Scholarships Debits Credits $4,500 $2,530 9,080 69,890 7,000 92,000 107,000 1,616,000 $1,789,500 1,671,000 $1,789,500 Required: Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2024 Complete this question by entering your answers in the tabs below. General Journal Statement of Changes Prepare the year-end closing entries. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District.
Trial Balance-December 31, 2024
Accounts Payable
Accrued Interest Receivable
Administrative Expense
Cash
Increase in Fair Value of Investments
Distributions-Scholarships
Interest Income
Investment in Bonds
Net Position-Restricted for Scholarships
Debits
Credits
$4,500
$2,530
9,080
69,890
7,000
92,000
107,000
1,616,000
$1,789,500
1,671,000
$1,789,500
Required:
Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2024
Complete this question by entering your answers in the tabs below.
General
Journal
Statement of
Changes
Prepare the year-end closing entries.
Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.
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