Presented below is the adjusted trial balance for the General Fund of the Town of Tranquil Bay at December 31, 2019, the end of the fiscal year. Based on this information, prepare, in good form:
a. Closing entries
b. The statement of revenues, expenditures, and changes in fund balance for the year
c. The balance sheet at December 31, 2019. (Assume all fund balance is unassigned.)
Correct Answer:
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