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Prepare closing journal entries for the budgetary accounts

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Question: (Closing entries) The ledger of the General Fund of the City of New Elisa shows the following balances at the end of the fiscal year. Prepare closing journal entries for these budgetary and financial accounts.

Estimated revenues                         $300,000

Appropriations                                  305,000

Budgetry fund balance                          5,000

Revenues                                        300,000

Expenditures                                    285,000

Reference no: EM131704851

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