Please answer this question Exercise 10 LO 9 Budgetary compa

Please answer this question

Exercise 10 (LO 9) Budgetary comparison schedule. The preclosing trial balance of the general fund of Shorewood Village for fiscal year ended June 30, 2019, is as follows: Debit 190,000 120,000 Credit Cash Receivables (net). Vouchers Payable 91,000 60,000 92,000 50,000 Fund Balance-Unassigned Estimated Revenues 600,000 150,000

Solution

Shorewood Village Pre-closing trial balance of General Fund for fiscal year ended 30/06/2019 ($) Debit Credit Cash 190000 Receivables (net) 120000 Vouchers payable 91000 Fund balance (assigned) 60000 Fund balance (unassigned) 92000 152000 Budgetary Fund balance 50000 Estimated revenues 600000 Estimated other financing sources 150000 Appropriations 650000 Estimated other financing uses 50000 Expenditures 588000 Encumbrances 60000 Revenues 595000 Other financing sources 166500 Other financing uses 46500 Totals 1754500 1754500 Answers 1 Prepare closing entries Debit Credit Cash 190000 Receivables (Net) 120000 Vouchers payable 91000 Fund Balance 219000 152000 310000 310000 (Closing asset and liability accounts) Revenues 595000 Appropriations 650000 Expenditures 588000 Fund balance (assigned) 60000 Fund balance (unassigned) 92000 Budgetary Fund Balance 809000 1397000 1397000 (Closing other accounts and transferring their combined balance to Budgetary Fund) Fund balances (assigned) 60000 Fund balances (unassigned) 92000 Budgetary Fund Balance 152000 (Closing assigned and unassigned fund balances by transfer to Budgetary Fund Balance) 2 Budget Actual Cash 190000 190000 Receivables (net) 120000 120000 Vouchers payable 91000 91000 Fund balance (assigned) Fund balance (unassigned) Budgetary Fund balance 809000 Estimated revenues 600000 600000 Estimated other financing sources 50000 50000 Appropriations 650000 650000 Estimated other financing uses 50000 50000 Expenditures 588000 588000 Encumbrances 60000 60000 Revenues 595000 595000 Other financing sources 166500 166500 Other financing uses 46500 46500 3 Balance Sheet as at 30/06/2019 Assets Cash 190000 Receivables (Net) 120000 310000 Liabilities Vouchers payable 91000 Fund 159000 Encumbrances 60000 310000