ubject: Business / Accounting
The City of Mortonville had the following pre-closing account balances in its General Fund as of April 30, 2016.
Debits and credits are not separated; but 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.
(a) Prepare all entries necessary to close the General Fund of the City of Mortonville.
(b) Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Denville for the Year Ended April 30, 2016. End with the ending fund balance. This is the GAAP operating statement.
Cash: $ 75,000
Estimated Revenues Control 6,100,000
Revenues Control 6,100,000
Appropriations Control 5,750,000
Estimated Other Financing Sources Control 250,000
Other Financing Uses Control-Transfers Out 400,000
Expenditures Control 5,275,000
Taxes Receivable-Delinquent 40,000
Fund Balance-Unassigned 5/1/2014 500,000
Estimated Other Financing Uses Control 500,000
Vouchers Payable 135,000
Encumbrances Control 29,000
Budgetary Fund Balance – Reserve for Encumbrances 29,000
Other Financing Sources-Transfers In 135,000
Budgetary Fund Balance 100,000
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