Question

Rice County has the following preclosing account balances in its General Fund as of June 30, 2019. Assume each account had its “normal” balance (debit or credit amount). Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous fiscal year. Assume the encumbrances do not lapse.

Cash $ 50,000

Estimated Revenues 6,000,000

Revenues 5,900,000

Appropriations 5,700,000

Estimated Other Financing Sources 200,000

Financing Uses – Transfer to Debt Service Fund 300,000 Expenditures 5,300,000

Taxes Receivable – Delinquent 40,000

Fund Balance – Unreserved 7/1/18 500,000

Estimated Other Financing Uses 500,000 Vouchers Payable 135,000 Encumbrances 100,000

Fund Balance - Reserve for Encumbrances 7/1/18 200,000

Other Financing Sources – Transfer from Special Revenue Fund 400,000 Required: a

1.Prepare all entries necessary to close the General Fund of Rice County.

2. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the General Fund of Rice County for the year ended June 30, 2019. Don’t forget change in fund balance, and the ending unreserved and reserved fund balances.

I need some help with these, I just need some comparisons.

Answer 1