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:

Merchandise

Goods that are bought and sold by businesses in the normal course of operations.

Foreign Exchange Loss

A decrease in domestic currency value resulting from transactions denominated in a foreign currency, often due to fluctuating exchange rates.

Ruble Receivable

An amount expected to be received denominated in Russian Rubles, typically from transactions or contracts.

Euro Payable

A liability or obligation denominated in euros payable to a creditor or supplier.