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a. b. Revenues Ledger: Taxes... P4-7 (Closing Entries and Financial Statements) The preclosing trial balance of a Special Revenue Fund of Pine County at the end of its 20X7 fiscal year is: Intergovernmental.. Charges for Services Other.. General Ledger: Cash... Taxes Receivable-Delinquent Due to Internal Service Fund. Accrued Payables.. Fund Balance Expenditures Ledger: General Government Parks and Recreation Social Services Other... Allowance for Uncollectible Taxes-Delinquent Due from General Fund.. Revenues. Expenditures Transfer to Debt Service Fund. Transfer from Capital Projects Fund. Correction of Prior Year Error Advance to Enterprise Fund Accrued Receivables.. Vouchers Payable.. 789,000 15,000 12,000 $981,000 $330,000 200,000 250,000 9,000 $789,000 4,000 6,000 107,000 798,000 35,000 $981,000 The Advance to Enterprise Fund plus another $15,000 of the fund's net assets are related to resources set aside for the purposes of the Special Revenue Fund at the discretion of the county's management. The remainder comes from revenues restricted for the specific purpose for which the fund was established. $550,000 150,000 80,000 18,000 $798,000 Prepare the entry or entries to close the General Ledger and subsidiary ledger accounts at the end of the 20X7 fiscal year. Based on the preclosing trial balance, prepare the following, in good form, for the Pine County Special Revenue Fund: 1. A balance sheet at the end of the 20X7 fiscal year. 2. A statement of revenues, expenditures, and changes in fund balances for the 20X7 fiscal year. Debit $ 45,000 70,000 16,000 25,000 9,000 Required Credit $ 10,000 21,000 Problems 163

P4-7 (Closing Entries and Financial Statements) The preclosing trial balance of a Special Revenue Fund of Pine County at the end of its 207 fiscal year is: Problems 163 The Advance to Enterprise Fund plus another $15,000 of the fund's net assets are related to resources set aside for the purposes of the Special Revenue Fund at the discretion of the county's management. The remainder comes from revenues restricted for the specific purpose for which the fund was established. a. Prepare the entry or entries to close the General Ledger and subsidiary ledger accounts at Required the end of the 207 fiscal year. b. Based on the preclosing Irial balance, prepare the following, in good form, for the Pine County Spccial Revenuc Fund: 1. A balance sheet at the end of the 207 fiscal year. 2. A statement of revenues, expenditures, and changes in fund balances for the 207 fiscal vear

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