The unadjusted trial balance for the general fund of the City of Jordan at June 30,2014 is as follows:
Debits
Credits
Supplies on hand at June 30,2014 totaled $17,000.The $18,000 encumbrance relates to equipment ordered but not received by fiscal year-end.
Required:
Prepare a balance sheet for the general fund of the City of Jordan at June 30,2014.
Definitions:
Contracts
are legally binding agreements between two or more parties that are enforceable by law.
Promissory Estoppel
A legal principle preventing a party from withdrawing a promise made to a second party if the second party has reasonably relied on that promise to their detriment.
Incarceration
The act of confining someone in a prison or similar facility.
Compensatory Damages
Compensatory Damages are awarded in civil lawsuits as a monetary compensation to the plaintiff for losses or injuries suffered due to the defendant's actions.
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