Closing Journal Entries At The End Of A Fiscal Year

Closing Journal Entries. At the end of a fiscal year, budgetary and operating statement control accounts in the general ledger of the General Fund of Dade City had the following balances: Appropriations, $6,224,000: Estimated Other Financing Uses, $2,776,000; Estimated Revenues, $7,997,000; Encumbrances, $0; Expenditures, $6,192,000; Other Financing Uses, $2,770,000: and Revenues, $7,980,000. Appropriations included the authorization to order a certain item at a cost not to exceed $65,000: this was not ordered during the year because it will not be available until late in the following year.
Show in general journal form the entry needed to close all of the preceding accounts that should be closed as of the end of the fiscal year.

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