Question

Hamilton Township needs to make its closing entries to close out its budgetary and operating accounts....

Hamilton Township needs to make its closing entries to close out its budgetary and operating accounts. Assume that Hamilton Township has a balance remaining of $275,000 in encumbrances outstanding as of the end of the year. The outstanding invoices are expected to be honored in the next fiscal year. Prepare the journal entries to close the encumbrance account.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following information is provided about some of the City of Boston General Fund operating statement...
The following information is provided about some of the City of Boston General Fund operating statement and budgetary accounts for the fiscal year ended June 30. Estimated revenues $ 6,150,000 Revenues 6,190,000 Appropriations 6,185,000 Expenditures 6,175,000 Estimated other financing sources 300,000 Encumbrances 80,000 Encumbrances outstanding 80,000 Budgetary fund balance 265,000 Other financing sources 200,000 Prepare the closing journal entries for the City of Boston
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits Appropriations $ 6,324,000 Estimated Other Financing Uses 2,826,000 Estimated Revenues $ 8,097,000 Encumbrances 0 Expenditures 6,292,000 Other Financing Uses 2,820,000 Revenues 8,080,000 Budgetary Fund Balance 1,053,000 Fund Balance—Nonspendable—Inventory of Supplies 143,900 Fund Balance—Unassigned 1,993,000 The City of Columbus uses the purchases method of accounting for its inventory of...
Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He’s not...
Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He’s not sure if he’s entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 on the Journal panel. PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated’s fiscal...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated’s fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.        Accounts Debit Credit Cash $ 12,000 Supplies 39,000 Prepaid Rent 30,000 Accounts Payable $ 3,000 Notes Payable 30,000 Common Stock 40,000 Retained Earnings 9,000 Dividends 4,000 Service Revenue 54,000 Salaries Expense 20,000 Advertising Expense 13,000 Rent Expense 10,000 Utilities Expense 8,000 Totals $ 136,000 $ 136,000    ...
Please prepare the CLOSING entries!! Required information P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing...
Please prepare the CLOSING entries!! Required information P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 [The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted...
Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve...
Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $950,000 Violet Lozano, Drawing 11,000 Fees Earned 698,900 Wages Expense 472,000 Rent Expense 73,000 Supplies Expense 11,800 Miscellaneous Expense 14,300 Journalize the two entries required to close the accounts. If an...
Match the terms in Column I with the definitions in Column II. closing entries clearing accounts...
Match the terms in Column I with the definitions in Column II. closing entries clearing accounts preparing a trial balance permanent accounts corporation financial accounting an accounting period a partnership accounts payable management accounting A. the period covered by an accounting report. B. Includes 2 (or more) people. C. reporting information to management D. income summary E. the period covered by an accounting report F. close temporary account G. the fifth step in the accounting cycle H. continue from one...
Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO...
Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 28,000 Accounts receivable 25,000 Accounts payable 11,300 Common stock 26,900 Retained earnings 14,800 The following events apply to Oak Consulting for Year 2: Provided $69,000 of services on account. Incurred $2,900...
The beginning balances as of 1/1/2017 for the City of Monroe's General Fund are listed below....
The beginning balances as of 1/1/2017 for the City of Monroe's General Fund are listed below. The City follows the modified accrual accounting method for its general fund journal entries and financial statements. The following steps are required for this project. Beginning balances: Cash $711,250; Delinquent Property Taxes Receivable $210,000; Allowance for Uncollectible Property Taxes $37,000; Accounts Payable $99,000; Due to Other Funds $27,000; Deferred Inflows of Resources $210,000; Total Fund Balance $548,250 Step 1) Record journal entries for the...
The beginning balances as of 1/1/2017 for the City of Monroe's Special Revenue Fund are listed...
The beginning balances as of 1/1/2017 for the City of Monroe's Special Revenue Fund are listed below. The City follows the modified accrual accounting method for its special revenue fund journal entries and financial statements. The following steps are required for this project. Beginning balances: Cash $23,000; Investment $59,000; Due from State Government $107,000; Accounts Payable $9,000; Total Fund Balance $180,000 Step 1) Record journal entries for the transactions below for FY2017 in Tab #1. Step 2) Create a trial...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT