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Please help me solve Problem 8-14 by providing the journal and closing entries. The excel...

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Accounting

Please help me solve Problem 8-14 by providing the journal and closing entries. The excel template is not needed to do the journal entries and the closing entries. Thank you in advance.

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principal is added to restricted fund balances. 8-14. The fund-basis financial statements of the City of Cottonwood have been completed for the year 2017 and appear in the first tab of the Excel spread- sheet provided with this exercise. In addition, the government-wide Statement of Net Position from the previous fiscal year is provided and should be used to determine beginning balances for accounts not appearing in the fund-basis statements. The following information is also available: a. Capital Assets Capital assets purchased by governmental funds are charged to cap- ital expenditure and do not appear as assets in the fund-basis bal- ance sheet. However, the balance is reflected in the Statement of Net Position in the government-wide financial statements

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