Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following is a pre-closing trial balance for o

The following is a pre-closing trial balance for Olson Citys General Fund as of June...

80.2K

Verified Solution

Question

Accounting

The following is a pre-closing trial balance for Olson Citys General Fund as of June 30, 2005.

Debits Credits

Cash 261,400

Taxes Receivable Current 888,500

Estimated Uncollectible Current Taxes 62,000

Accounts Payable 325,700

Due to Other Funds 15,900

Tax Anticipation Notes Payable 520,000

Reserve for Encumbrances 112,000

Fund Balance 122,500

Estimated Revenues 1,556,200

Revenues 1,457,300

Appropriations 1,551,600

Encumbrances 112,000

Expenditures 1,349,000

Totals 4,167,100 4,164,000

Prepare Closing entries at June, 30, 2005

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Why is Daphne Major an ideal study site AND the birds an ideal subject?

Psychology
1.2K views

In Albuquerque, New Mexico, the death of a homeless man incited a violent protest over police...

Basic Math
1.2K views

A group of biochemistry researchers developed a new medication for treating depression. To assess if the...

General Management
1.2K views

Jack and Alien’s new gaming laptop. Jack Daniel is an expert in digital signal processing and...

Biology
1.2K views

Principles of Complete the Punnett square for the following parental cross List the possible phenotypes...

Basic Math
1.2K views

ans are buying a house for S of the point is

Basic Math
1.2K views

Find the unit vector in the direction of (7,5).Write your answer in component form.

Algebra
1.2K views

A company finds that it can make a profit of P dollars each month by...

Accounting
1.2K views

For each of the following situations, identify (1) the case as either (a) a present...

Accounting
1.2K views

Reporting Stockholders' Equity On December 31, Nakoma Inc. had the following account balances

Accounting
1.2K views

A taxpayer with 2017 AGI of $160,000 has no income tax withholding and is required...

Accounting
1.2K views

. Smith reported the following for 2012. (4 pts.) 2012 Beginning market price $20.00 Average...