Solution-Encumbrance accounting system

Encumbrance accounting system

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Reference no: EM13114139

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.

a) Prepare the necessary closing entries.

b) Prepare a balance sheet after closing.

Accounts Payable $ 75

Appropriations 885

Cash 258

Encumbrances 30

Estimated revenues 900

Expenditures 859

Fund balance 165

Reserve for encumbrances 30

Revenues 892

Reference no: EM13114139

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Encumbrance accounting system

Reference no: EM13114139

Reference no: EM13114139

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