Differentiate between journal entries and closing entries

Reference no: EM131525723

Question: The Town of Thomaston has a Solid Waste Landfill Enterprise Fund with the following trial balance as of January 1, 2012, the first day of the fiscal year.

During the year, the following transactions and events occurred:

1. Citizens and trash companies dumped 500,000 tons of waste in the landfill, which charges $5.50 a ton payable in cash.

2. Diesel fuel purchases totaled $343,000 (on account).

3. Accounts payable totaling $430,000 were paid.

4. Diesel fuel used in operations amounted to $405,000.

5. Depreciation was recorded in the amount of $735,000.

6. Salaries totaling $75,000 were paid.

7. Future costs to close the landfill and postclosure care costs are expected to total $76,250,000. The total capacity of the landfill is expected to be 25,000,000 tons of waste.

Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Assets for the year ended December 31, 2012.

Reference no: EM131525723

Questions Cloud

Expanding rapidly-currently needs to retain all of earnings : Microtech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends.

Employee relations manager in organization : As the new Employee Relations manager in your organization (or one with which you are familiar), you have been tasked with developing a comprehensive.

Which type of intelligence declines over the life span : Which type of intelligence declines over the life span? Social learning theory suggests that learning gender roles is

Breakeven size of underlying movement for calendar spread : What is the breakeven size of underlying movement for your calendar spread?

Differentiate between journal entries and closing entries : The Town of Thomaston has a Solid Waste Landfill Enterprise Fund with the following trial balance as of January 1, 2012, the first day of the fiscal year.

Calendar spread is also known as time spread : A calendar spread is a combination of two options with different time to expiration. Calendar spread is also known as a time spread.

Prepare a statement of net assets : Jefferson County operates a centralized motor pool to service county vehicles. At the end of 2011, the Motor Pool Internal Service Fund.

What is the rate of return on each bond : If their yields to maturity next year are still 8.0%, what is the rate of return on each bond?

Research available resources in your community : Imagine yourself working adolescent using drugs in your community. Research available resources in your community for one of these situations

User Account

All Pages