Reference no: EM132456814
ACC 380 Accounting for Not-for-Profit Organizations Assignment - Ashford University, USA
Question - The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017:
1. Beginning balances were: Cash, $93,000; Taxes Receivable, $189,500; Accounts Payable, $52,250; and Fund Balance, $230,250.
2. The budget was passed. Estimated revenues amounted to $1,230,000 and appropriations totaled $1,227,400. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $915,000. All of the taxes are expected to be collected before February 2018.
4. Cash receipts totaled $885,000 for property taxes and $297,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $95,250.
6. Contracted services were performed relating to $85,500 of the contracts with invoices amounting to $83,900.
7. Other expenditures amounted to $963,500.
8. Accounts payable were paid in the amount of $1,092,500.
9. The books were closed.
Required - Record a journal entry to record the closure of revenues and expenditure to fund balance.
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ACC 380 Accounting for Not-for-Profit Organizations
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