Listed below (in alphabetical order) are the general ledger andbudgetary accounts for the City of Walland. All balances are yearend, unless otherwise noted. All accounts have a normal balance. Atthe end of the year, the City Council passed an ordinance that alloutstanding orders would be honored in the following fiscal year.Also, the Finance Officer set aside $40 for equipmentreplacement.
Requirements:
1. Prepare the Statement of Revenues, Expenditures, and Changes inFund Balance for the year ended June 30, 20X4.
2. Prepare the Balance Sheet for the year ended June 30, 20X4.
3. Prepare all necessary closing entries.
City of Walland
Preclosing Trial Balance
For the Year Ended June 30, 20X4
Advance to EnterpriseFund................................................................................ 1,000
Allowance for UncollectibleTaxes...................................................................... 300
Appropriations.................................................................................................... 8,850
Budgetary FundBalance...................................................................................... 150
Cash..................................................................................................................... $5,000
Due from Special RevenueFund......................................................................... 100
EncumbrancesOutstanding................................................................................. 60
Encumbrances...................................................................................................... 60
EstimatedRevenues............................................................................................. 9,000
Expenditures – CapitalOutlay............................................................................ 2,500
Expenditures –Operating.................................................................................... 6,340
Fund Balance (July 1,20X3)............................................................................... 9,505
Investments......................................................................................................... 2,500
OFS – Proceeds from Sale ofVehicle.................................................................. 50
OFS – Transfer from Capital ProjectsFund....................................................... 60
OFU – Transfer to Debt ServiceFund................................................................ 100
OFU – Transfer to EnterpriseFund.................................................................... 200
Revenues –Other................................................................................................ 1,250
Revenues – PropertyTaxes................................................................................. 7,500
SalariesPayable................................................................................................... 50
Special Item – Proceeds from Sale ofLand.......................................................... 350
Supplies............................................................................................................... 175
TaxesReceivable.................................................................................................. 1,500
VouchersPayable................................................................................................ 350
