(Closing Entries and Financial Statements) The preclosing
The Advance to Enterprise Fund plus another $15,000 of the fund’s net assets are related to resources set aside for the purposes of the Special Revenue Fund at the discretion of the county’s management. The remainder comes from revenues restricted for the specific purpose for which the fund was established.
- a. Prepare the entry or entries to close the General Ledger and subsidiary ledger accounts at Required the end of the 20X7 fiscal year.
- b. Based on the preclosing trial balance, prepare the following, in good form, for the Pine County Special Revenue Fund:
- 1. A
balance sheet at the end of the 20X7 fiscal year. - 2. A statement of revenues, expenditures, and changes in fund balances for the 20X7 fiscal year.
- 1. A
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