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Question(s) / Instruction(s):

44.     (Preparing closing entries and financial statements from a trial balance.)
Presented below is the adjusted trial balance for the General Fund of the Town of Tranquil Bay at December 31, 2009, 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, 2009.

Town of Tranquil Bay

General Fund

Adjusted Trial Balance

December 31, 2009

Cash

 

19,750

 

Taxes receivable, net

 

137,000

 

Investments

 

65,000

 

Due from other funds

 

68,000

 

Vouchers payable

 

 

 

38,750

Due to other funds

 

 

 

142,750

Unreserved fund balance

 

 

 

117,000

Estimated revenues

 

610,000

 

Appropriations

 

 

 

590,000

Budgetary fund balance

 

 

 

20,000

Revenues-taxes

 

 

 

590,175

Revenues-charges for services

 

 

 

14,080

Expenditures-personal services

 

 

287,125

 

Expenditures-supplies

 

29,680

 

Expenditures-capital outlay

 

244,000

 

Other financing sources-transfers in

 

 

 

32,500

Other financing uses-transfers out

 

84,700

 

 

 

$1,545,255

 

$1,545,255

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