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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

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Answer #1
  • Closing Entries of the city of Boston
  1. ​​​​​​​Revenue = 6190000
  2. Income Summary : Expenditure + Encumbrances = 61,75,000 + 80,000  

Income Summary = 62,55,000

Debit Credit Balance
Revenue 61,90,000 65,000
Income Summary 62,55,000
  • ​​​​​​​Revenue account will be closed : 61,90,000 + 65,000 = 62,55,000
Debit Credit
Income Summary A/C 62,55,000
To Revenue 62,55,000

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