The following account balances, among others, were included in the preclosing trial balance of the General Fund of the City of Baxter on December 31, 2017. Required:
a. Prepare the necessary closing entries on December 31, 2017.
b. Calculate the amount of both the unreserved fund balance and the total fund balance in the balance sheet (1) on December 31, 2016, and (2) on December 31, 2017.

Question

The following account balances, among others, were included in the preclosing trial balance of the General Fund of the City of Baxter on December 31, 2017.  Required:
a. Prepare the necessary closing entries on December 31, 2017.
b. Calculate the amount of both the unreserved fund balance and the total fund balance in the balance sheet (1) on December 31, 2016, and (2) on December 31, 2017.

Quizplus · Accepted Answer

The Answer of The following account balances, among others, were included in the preclosing trial balance of the General Fund of the City of Baxter on December 31, 2017.  Required:
a. Prepare the necessary closing entries on December 31, 2017.
b. Calculate the amount of both the unreserved fund balance and the total fund balance in the balance sheet (1) on December 31, 2016, and (2) on December 31, 2017.

The Following Account Balances, Among Others, Were Included in the Preclosing