The Following Information Is Provided About Some of the Town

question 89

Essay

The following information is provided about some of the Town of Truesdale's General Fund operating statement and budgetary accounts for the fiscal year ended June 30.
$\begin{array}{lr} & \$ 3,150,000 \\ \text { Estimated revenues } & 3,190,000 \\ \text { Revenues } & 3,185,000 \\ \text { Appropriations } & 3,175,000 \\ \text { Expenditures } & 400,000 \\ \text { Estimated other financing sources } & 20,000 \\ \text { Encumbrances } & 20,000 \\ \text { Encumbrances outstanding } & \text { (calculate) } \\ \text { Budgetary fund balance } & \end{array}$
The Town of Truesdale will honor all of its outstanding encumbrances in the next fiscal period. Prepare the journal entry(ies) to close budgetary accounts required to be closed at the fiscal year end using the information provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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Definitions:

Transfer Price

The fee incurred for items or services shared among divisions or subsidiaries of the same business.

Relay Division

A segment or department within a company, possibly focused on conveying or transferring particular goods, services, or information, but the specific nature varies by context.

Electronics Division

A specialized department within a larger company focused on the development and production of electronic goods or components.

Variable Selling Expense

Costs that vary directly with the level of sales activity, such as commissions and shipping fees.