Assuming Normal Balances in the Following Accounts Prepare Closing Entries

question 10

Essay

Assuming normal balances in the following accounts prepare closing entries for the fiscal year ending March 31.
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$$\begin{array} { | l | l | } \hline \text { Account } & \text { Normal Balance } \\\hline & \\\hline \text { Appropriations } & \$ 500,000 \\\hline \text { Budgetary Fund Balance Unassigned } & \$ 35,000 \\\hline \text { Estimated Other Financing Uses } & \$ 10,000 \\\hline \text { Estimated Other Financing Source } & \$ 325,000 \\\hline \text { Estimated Revenue } & \$ 150,000 \\\hline & \\\hline\end{array}$$

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Definitions:

Credit Worthiness

refers to an assessment of the likelihood that a borrower can repay a loan or credit, based on their financial history and reliability.

Skills

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