The City of Pittsburgh has the following pre-closing trial balance as of December 31
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1. The City of Pittsburgh has the following pre-closing trial balance as of December 31:
Debit Credit
Cash $10,000
Taxes Receivable - Current 75,000
Allowance for Uncollectible Current Taxes $5,000
Accounts Payable 20,000
Due to Other Funds 4,000
Tax Anticipation Notes Payable 37,000
Fund Balance - Unassigned 17,500
Budgetary Fund Balance 2,500
Estimated Revenues 100,000
Revenues 97,500
Appropriations 97,000
Expenditures 96,000
What is the Fund Balance - Unassigned after ALL closing entries have been made?
2. If the City of Pittsburgh issued bonds on October 1, 2015 for the construction of a new building and those bonds were issued at par, what would the entry be on December 31, 2015 to accrue the interest owed on those bonds?
3. The General Fund of the City of Pittsburgh used water and sewer services provided by the city owned utility (a proprietary fund of the City of Pittsburgh that is NOT included in the Government Wide Activities). The journal entry(ies) to record the transaction will include a Debit to__________ ?
4. If the City of Pittsburgh acquired $15,000 in capital assets using General Funds, what entry(ies) is(are) needed to account for this acquisition?
5. The City of Pittsburgh had the following pre-closing trial balance for its Capital Projects Fund at December 31, the fiscal year end:
Cash $ 200,000
Construction Expenditures 3,000,000
Interest Expenditures 50,000
Encumbrances 750,000
Revenues $ 250,000
Other Financing Sources - Proceeds of Bonds 2,900,000
Contracts Payable 1,000,000
Encumbrances Outstanding 750,000
As a result of the closing entry, what will be the balance in the Capital Projects Fund Balance?
[Solved] The City of Pittsburgh has the following pre-closing trial balance as of December 31
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- Submitted On 23 Jun, 2017 08:17:37
- Beam777
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The City of Pittsburgh has the following pre-closing trial balance as of December 31
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