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The following is a pre-closing trial balance for Olson Citys General Fund as of June 30, 2005.
Debits Credits
Cash 261,400
Taxes Receivable Current 888,500
Estimated Uncollectible Current Taxes 62,000
Accounts Payable 325,700
Due to Other Funds 15,900
Tax Anticipation Notes Payable 520,000
Reserve for Encumbrances 112,000
Fund Balance 122,500
Estimated Revenues 1,556,200
Revenues 1,457,300
Appropriations 1,551,600
Encumbrances 112,000
Expenditures 1,349,000
Totals 4,167,100 4,164,000
Prepare Closing entries at June, 30, 2005
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