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Question(s) / Instruction(s):

46.          (Preparation of closing entries and fund level financial statements)

Following is a trial balance of City of Peachville's General Fund at December 31, 2008. Prepare: (a) closing entries; (b) a post-closing trial balance; (c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2008; and (d) a balance sheet at December 31, 2008.

          
     Debits     Credits
Cash          $ 20,000
Property taxes receivable     30,000
Due from other funds     10,000
Vouchers payable          $ 15,000
Fund balance (unreserved), January 1, 2008          25,000
Revenues - property taxes          325,000
Revenues - other          35,000
Expenditures - salaries     280,000
Expenditures - materials     20,000
Transfer out to Debt Service Fund     40,000
Encumbrances - materials     4,000
Budgetary fund balance reserved for encumbrances          4,000
Estimated revenues - property taxes     325,000
Estimated revenues - other     40,000
Appropriations - salaries          290,000
Appropriations - materials          25,000
Appropriations - transfer to Debt Service Fund          40,000
Budgetary fund balance            10,000
Totals     $769,000     $769,000

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