Problem
The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows.
|
|
Debit
|
Credit
|
|
Cash
|
$ 96,000
|
|
|
Property Taxes Receivable-Delinquent
|
104,700
|
|
|
Allowance for Uncollectibles-Delinquent
|
|
$ 7,500
|
|
Due from Other Funds
|
15,000
|
|
|
Vouchers Payable
|
|
61,000
|
|
Due to Other Funds
|
|
8,200
|
|
Fund Balance-Unassigned
|
|
116,000
|
|
Property Tax Revenue
|
|
1,150,000
|
|
Miscellaneous Revenue
|
|
39,000
|
|
Expenditures
|
1,140,000
|
|
|
Other Financing Uses-Transfer Out
|
26,000
|
|
|
Estimated Revenues Control
|
1,225,000
|
|
|
Appropriations Control
|
|
1,150,000
|
|
Estimated Other Financing Uses-Transfer Out
|
|
26,000
|
|
Encumbrances
|
33,000
|
|
|
Budgetary Fund Balance-Assigned for Encumbrances
|
|
33,000
|
|
Budgetary Fund Balance-Unassigned
|
|
49,000
|
|
Total
|
$ 2,639,700
|
$ 2,639,700
|
Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
Task
• Make the closing entries for the general fund.