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School District #25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At year-end, before closing entries, the District had the following balances in its accounts. All accounts had normal balances.
Accounts Payable $ 75
Appropriations 885
Cash 258
Encumbrances 30
Estimated Revenues 900
Expenditures 859
Fund Balance 165
Reserve for Encumbrances 30
Revenues 892
Required:
a). Prepare the necessary closing entries.
b). Prepare a balance sheet after closing.
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