Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Exercise 28

Capital projects fund, financial statements. The preclosing, year-end trial balance for a capital projects fund of the city of Clark as of December 31, 2019, follows:
1. Prepare closing entries as of December 31, 2019, assuming that all inflows and outflows are designated assigned.
2. Prepare the year-end statement of revenues, expenditures, and changes in fund balance for this project that began on January 2, 2019.
3. Prepare the balance sheet for this project as of December 31, 2019.