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8 months ago
Listed below (in alphabetical order) are the general ledger and budgetary accounts for the City of Walland. All balances are year end, unless otherwise noted. All accounts have a normal balance. At the end of the year, the City Council passed an ordinance that all outstanding orders would be honored in the following fiscal year. Also, the Finance Officer set aside $40 for equipment replacement.

Requirements:
1.   Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 20X4.
2.   Prepare the Balance Sheet for the year ended June 30, 20X4.
3.   Prepare all necessary closing entries.

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Using: Governmental and Nonprofit Accounting: Theory and Practice, 11e (Freeman)
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7 months ago
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Solution in the attachment.
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