Your team is provided with the adopted budget, as well as the preclosing trial balance, of the revenues and expenditures subsidiary ledgers at year-end.
Download the adopted budget and preclosing trial balance here. (See Below)
Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development.
The beginning fund balance was $75,000.
Prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of AIU general fund.
Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual—for the Village of AIU General Fund for the 20X9 fiscal year.
Must show work.
Village of AIU
General Fund
Budget
For Fiscal Year 20X9
Estimated Revenues
Taxes-$125,000
Interest&penalties-20,000
License, permits&fees- 35,000
Intergovernmental grants-15,000
Investment revenue- 75,000
Miscellaneous revenue- 5,000
Total Estimated revenue-$275,000
Approprations:
General government- 80,000
Public Safety- 23,000
Street&Sanitation-50,000
Health and welfare-35,000
Community Development-12,000
Parks& recreation- 25,000
Total appropriations- 225,000
Budgeted excess of revenues over appropriations – 50,000
—————————-
Village of AIU
General Fund
Preclosing Trial Balance
Revenue and Expenditures Subsidary Ledgers
June 30, 20X9
Revenues Subsidiary Ledger
Debit(-) Credit(+)
Taxes (-)5,000
Interest&penalties (+)1,500
License,permits (-)4250
Intergov’t grants (+)13,750
Investment revenue (-)1,250
Misc revenue (+)2,450
Total Debit 10,500
Total Credit 17,700
Expenditures Subsidiary Ledger
General gov’t (-)8,750
Public Safety (+)125
Street&Sanitation (+) 1,750
Health&Welfare (-)6,000
Community development (+)1,600
Parks&Recreation (-)2,500
Total Debit 17,250
Total Credit 3,475
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