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Business, 26.03.2020 17:45 ashley5196
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits and credits are not separated; each account had its "normal" balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year.
Required:
Prepare all entries necessary to close the General Fund of the City of Morganville.
Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Morganville for the Year Ended April 30, 2017. End with the ending fund balance. This is the GAAP operating statement.
Cash
Estimated Revenues Control
Revenues Control
Appropriations Control
Estimated Other Financing Sources Control
Other Financing Uses Control-Transfers Out
Expenditures Control
Taxes Receivable
Fund Balance-Unassigned 5/1/2016
Estimated Other Financing Uses Control
Vouchers Payable
Encumbrances Control
Budgetary Fund Balance -- Reserve for Encumbrances
Other Financing Sources Control-Transfers In
Budgetary Fund Balance (debit)
$ 75,000
5,900,000
5,900,000
5,750,000
250,000
375,000
5,275,000
785,000
610,000
500,000
135,000
29,000
29,000
135,000
(100,000)
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The City of Morganville had the following pre-closing account balances in its General Fund as of Apr...
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