Reference no: EM132725646

On July 1, the start of its fiscal year, Victoria County reported the following balances ($ in thousands):

Fund balance:

Committed for encumbrances $500

Unassigned 900

Total fund balance $1,400

During the year, the county ($ in thousands):

• Estimated that revenues for the year would be $13,500.
• Appropriated $14,000 for operations.
• Ordered supplies estimated to cost $13,000. Of these, the county received (and paid) supplies that it had estimated would cost $11,500. Actual cost, however, was $11,900.
• Received (and paid) all goods that it had ordered in the previous year. Actual cost was only $480.
• Recognized actual revenues of $13,800 (cash received).

REQUIREMENT:

Problem (1)Record all journal entries including the closing entries.

Problem (2)Show how the total fund balance (including the unassigned and committed portions) would be displayed at year-end.