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In: Accounting

Following is the adjusted trial balance for the General Fund of the Township of Florida on...

Following is the adjusted trial balance for the General Fund of the Township of Florida on June 30, 2016, the end of the fiscal year.

Based on this information, prepare:

            1.   closing entries

            2.   the statement of revenues, expenditures, and changes in fund balance for the year

            2.   the balance sheet at June 30, 2016. (Classify the fund balance as Unassigned.)

Township of Florida

General Fund

Adjusted Trial Balance

June 30, 2016

Cash

$      6,200

Taxes receivable

40,000

Investments

65,000

Vouchers payable

38,750

Tax anticipation notes payable

12,750

Unassigned fund balance

57,000

Estimated revenues

101,000

Appropriations

99,000

Budgetary fund balance

2,000

Revenues-taxes

100,000

Revenues-other

2,080

Expenditures-personal services                                 

94,700

Expenditures-supplies

4,680  

        0

  

$ 311,580

$ 311,580

please clarify what is credit and what is debit

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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