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Prepare in general journal form the closing entries

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Reference no: EM131721783

Question - Following is the preclosing trial balance for the General Fund of the City of Doyle.

Doyle City The General Fund General Ledger Trial Balance December 31, 2016

Cash                                                      $ 400,000

Certificates of Deposit                               350,000

Due from State Government                      112,000

Due from Other Funds                               30,000

Taxes Receivable                                      774,000

Estimated Revenue                                   3,110,000

Expenditures                                            1,960,000

Encumbrances                                          734,000

Transfers to Other Funds                           90,000

Expenditures-2015                                    55,000

Estimated Uncollectible Taxes                                               $ 30,000

Vouchers Payable                                                                  64,000

Due to Other Funds                                                                27,000

Fund Balance-Unassigned                                                       760,000

Fund Balance-Assigned (Note 1)                                              784,000

Appropriations                                                                       2,700,000

Revenue                                                                               3,210,000

Transfers from Other Funds                   ___________              40,000

                                                          $7,615,000                  $7,615,000

Note 1: Includes $50,000 of encumbrances from 2015.

Required: Prepare in general journal form the closing entries for the General Fund of Doyle City.

Reference no: EM131721783

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