I have completed the journal entries for chapter 5 City of Smithville but i'm not sure which ones need to be closed. please advise which entries need to be closed before i continue with the assignment.
construction expenditures 40,000
vouchers payable 40,000
encumbrances 2,000,000
encumbrances outstanding 2,000,000
vouchers payable 40,000
cash 40,000
cash 2,000,000
other financing sources 2,000,000
construction expenditures 1,000,000
encumbrances outstanding 1,000,000
encumbrances 1,000,000
contracts payable 1,000,000
cash 960,000
contracts payable retained % 40,000
encumbrances outstanding 1,000,000
contracts payable 980,000
encumbrances 1,000,000
contracts payable 980,000
cash 940,800
contracts payable retained % 39,200
contracts payable retained % 79,200
cash 79,200
cash 410,000
revenues sales taxes 410,000