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In: Accounting

Maple Cider County formally integrates the budget into the accounting system and uses the encumbrance system....

Maple Cider County formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At year-end, before closing entries, the district had the following balances in its accounts. All accounts had normal balances. [Fund balance – unassigned is the balance after recording the budgetary entry but before reversing the budgetary entry].
Accounts Payable $ 187
Appropriations 2,958
Cash 998
Encumbrances 758
Estimated revenues 3,000
Expenditures 2,985
Fund balance – unassigned 630
Inventory 13
Grants receivable 125
Other financing sources 515
Other financing uses 9
Reserve for encumbrances 758
Revenues 2,962
Sales tax receivable 122
(a) Prepare a statement of revenues, expenditures, and changes in fund balances
(b) Prepare a balance sheet (post-closing)

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ekkarill92 answered 1 year ago
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