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Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster...

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Accounting

Here is the preclosing December 31, 2020 trial balance for the general fund of Lancaster County:

All numbers are in thousands.

Debit Credit
Cash $ 371,000
Taxes receivable 113,000
Estimated revenues 1,290,000
Estimated other financing sources 60,000
General expenditures 1,015,000
Capital outlay 25,000
Debt service: principal payments 2,000
Debt service: interest payments 8,000
Transfers out 20,000
Due from other funds 12,000
Allowance for uncollectible taxes $45,000
Accounts payable 50,000
Due to other funds 21,000
Property tax revenues 950,000
Speeding ticket revenues 400,000
Transfers in 8,000
Bond proceeds 50,000
Appropriations 1,085,000
Estimated other financing uses 22,000
Fund balance-unassigned 285,000
Totals $2,916,000 $2,916,000

By how much do the closing entries at the end of 2020 increase fund balance-unassigned?

$37,000

$40,000

$73,000

$95,000

Answer & Explanation Solved by verified expert
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