The Unadjusted Trial Balance for the General Fund of the City

question 18

Essay

The unadjusted trial balance for the general fund of the City of Jordan at June 30, 2014 is as follows:
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.

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Definitions:

Current Assets

Holdings that are likely to be transformed into cash, merchandised, or expended either within the span of one year or throughout the standard operating period of the enterprise, should that exceed one year.

Accounts Receivables

Money owed to a business by its clients or customers for goods or services that have been delivered but not yet paid for.

Accounts Payable

Liabilities of a company or an organization consisting of money owed to suppliers or creditors for goods and services received that are not yet paid for.

Inventory

Goods or materials that a business holds for the purpose of resale or production.