Question

The following adjusted trial balance is taken from the General Fund of the Farnsworth City for the year ended June 30. Prepare a (post-closing) Balance Sheet.

Allowance for uncollectible taxes	2,000
Cash	92,000
Due from capital project fund	21,000
Due to debt service fund	12,000
Encumbrances	13,000
Encumbrances outstanding	13,000
Expenditures	58,000
Fund balance, nonspendable	6,000
Fund balance, unassigned	14,000
Inventory of supplies	6,000
Other financing sources - bond proceeds	9,000
Other financing uses - transfer out	4,000
Revenues	119,000
Taxes receivable	17,000
Unearned grant revenues	21,000
Accounts payable	15,000

Answer 1

Answer:

Post closing trial balance :

Particulars	Debit	Credit
Cash	$ 92,000
Allowance for uncollectible taxes		$ 2,000
Tax receivable	$ 17,000
Due from capital projects fund	$ 21,000
Other financiang uses-transfers out	$ 4,000
Inventory of supplies	$ 6,000
Account's payable		$ 15,000
Unearned grant revenues		$ 21,000
Due to debt service fund		$ 12,000
Other financing sources - bond proceeds		$ 9,000
Fund balance unassigned( $ 14,000 + $ 61,000 )		$ 75,000
Fund balance non spendable		$ 6,000
Total	$ 1,40,000	$ 1,40,000

Post - closing entries :

Particulars	Debit	Credit
Encumbrances outstanding Dr	$ 13,000
To Encumbrances		$ 13,000
Revenues Dr	$ 1,19,000
To Expenditures		$ 58,000
To Fund balance ,unassigned		$ 61,000

Balance sheet at the year ended June 30

Particulars	Amount	Amount
Assets
Cash		$ 92,000
Tax receivable	$ 17,000
Less: Allowance for uncollectible taxes	$ 2,000	$ 15,000
Inventory of supplies		$ 6,000
Due from capital projects fund		$ 21,000
Other financing uses - transfers out		$ 4,000
Total assets		$ 138,000
Liabilities& fund balance
Liabilities:
Accounts payable		$ 15,000
Unearned grant revenues		$ 21,000
Due to debt service fund		$ 12,000
Other financing sources - bond proceeds		$ 9,000
Total liabilities		$ 57,000
Fund balance :
Fund balance ,unassigned		$ 75,000
Fund balance nonspendable		$ 6,000
Total liabilities and fund balance	$ 57,000 + $ 81,000	$ 138,000