Please help with closing entries for chapter 4 of city ofSmithville short version. I only need help with #11, the closingentries. I don’t know what the closing entries are. 11. Closing Entry. Following the instructions in the nextparagraph, prepare and post the necessary entries to close theEstimated Revenues and Appropriations accounts to Budgetary FundBalance, and Revenues and Expenditures to Fund Balance—Unassigned.Because the City of Smithville honors all outstanding encumbrancesat year-end, it is not necessary to close Encumbrances toEncumbrances Outstanding at year-end since encumbrances do notaffect the General Fund balance sheet or statement of revenues,expenditures, and changes in fund balances. If, however, you wouldlike to avoid having these accounts appear in the post-closingtrial balance, you can opt to close Encumbrances to EncumbrancesOutstanding. If the accounts are closed, they would need to bereestablished at the beginning of the next year. To close the temporary accounts, you must click on the checkmark for [Closing Entry], “Closing Entry” will appear in the[Transaction Description] box. Be sure the check mark in the boxfor [Closing Entry] is showing before closing each individualaccount. Also, you will be sent to the Detail Journal where youmust close each individual budgetary or operating statementaccount. To determine the closing amounts for both General Ledgerand subsidiary ledger accounts, you will need to first save andprint the pre-closing version of these ledgers for year 2017 fromthe [Reports] menu. At year-end, an analysis by the city’s finance departmentdetermined the following constraints on fund balances in theGeneral Fund. Prepare the appropriate closing/reclassificationjournal entry in the General Fund to reclassify amounts betweenFund Balance—Unassigned and the fund balance accounts correspondingto the constraints shown below. (Note: You should consider thebeginning of year balances in fund balance accounts in calculatingthe amounts to be reclassified. Be sure the check mark in the boxfor [Closing Entry] is showing before closing each individualaccount.) Account Ending Balance Fund Balance—Committed—General Government$30,000 Fund Balance—Restricted—Public Safety 36,000 FundBalance—Committed—Public Works 12,700 Fund Balance—Assigned—Cultureand Recreation 0 Note: DO NOT PREPARE CLOSING ENTRIES FOR GOVERNMENTAL ACTIVITIESAT THIS TIME since governmental activities will not be closed untilChapter 9, after the capital projects fund (Chapter 5) and debtservice fund (Chapter 6) transactions affecting governmentalactivities at the government-wide level have been recorded. b. Select [Export] from the drop down [File] menu to create anExcel worksheet of the General Fund post-closing trial balance asof December 31, 2017. Use Excel to prepare in good form a balancesheet for the General Fund as of December 31, 2017. Follow theformat shown in Illustration 4-3 of Reck and Lowensohn, Accountingfor Governmental & Nonprofit Entities, 17th edition textbook(hereafter referred to as “the textbook.”) c. Select [Export] from the drop down [File] menu to create anExcel worksheet of the General Fund pre-closing subsidiary ledgeraccount balances for the year 2017. Use Excel to prepare in goodform a statement of revenues, expenditures, and changes in fundbalance for the General Fund for the year ended December 31, 2017.(See Illustration 4-4 in the textbook for an example format.) d. Use the Excel worksheet of the General Fund pre-closingsubsidiary ledger account balances created in part c above toprepare in good form a schedule of revenues, expenditures, andchanges in fund balance—budget and actual for the General Fund forthe year ended December 31, 2017. (See Illustration 4-5 in thetextbook for an example format.) e. Prepare a reconciliation of total expenditures reported inyour solution to part c of this problem with the total expendituresand encumbrances reported in your solution to part d of thisproblem. (In Chapter 4 below Illustration 4-5, see discussion andexample which compares Illustrations 4-4 and 4-5.) [Note: File the printouts of all your worksheets and yourcompleted financial statements in your cumulative problem folderuntil directed by your instructor to submit them, unless yourinstructor specifies submission of files electronically.] Before closing the City of Smithville, click on [File], and[Save/Save As] to save your work. If you close the file by clickingon the [X] box you will be asked if you want to save your changesbefore closing. . . .
https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png 0 0 Paul https://proficientwriters.net/wp-content/uploads/2020/04/logo-300x60.png Paul2021-05-05 08:26:252021-05-05 08:26:25Please help with closing entries for chapter 4 of city ofSmithville short version. I only need help