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School District 25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At year-end, before closing entries, the district had the following balances in its accounts. All accounts had normal balances.
a) Prepare the necessary closing entries.
b) Prepare a balance sheet after closing.
Accounts Payable $ 75
Appropriations 885
Cash 258
Encumbrances 30
Estimated revenues 900
Expenditures 859
Fund balance 165
Reserve for encumbrances 30
Revenues 892
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