A Pre-Closing Trial Balance Included the Following Account Balances for Simpli

question 3

Essay

A pre-closing trial balance included the following account balances for Simpli City:
$\begin{array}{ll}\text { Due from other funds } & \$ 3,500 \\\text { Fund balance - unassigned } & 14,000 \\\text { Estimated revenues } & 20,000 \\\text { Revenues } & 22,000 \\\text { Appropriations } & 18,000 \\\text { Expenditures - current year } & 19,000 \\\text { Expenditures - prior year } & 1,500 \\\text { Other Financing Source - Nonreciprocal transfer in } & 1,000\end{array}$ Required:
Prepare the necessary closing entries for the General Fund.

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Definitions:

Office Supplies

Consumable items used in an office setting, such as paper, pens, and staplers, necessary for completing office tasks and operations.

Weekly Salary

A fixed amount of money paid to an employee on a weekly basis as compensation for performed work.

Utility Bill

A bill for services provided by a utility company, such as electricity, water, natural gas, or telecommunications.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the capital owned by the owners or shareholders.