Problem:
I need help with this one, my team was hired as accountants for the Village of A. My team is being asked to do the the following:
Your team has been hired as the accountants for the Village of A. Your team is being asked to do the following:
• My team is provided with the adopted budget, as well as the preclosing trial balance, of the revenues and expenditures subsidiary ledgers at year-end.
o The adopted budget and preclosing trial balance is attached.
o Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development.
o The beginning fund balance was $75,000.
• We need to prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of A general fund.
• We need to prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual—for the Village of AIU General Fund for the 20X9 fiscal year.
Written in APA format - length 2 to 3 pages.
Attachment:- Budget and Preclosing.rar