I have completed the journal entries for chapter 5 city of

Reference no: EM13573318

I have completed the journal entries for chapter 5 City of Smithville but i'm not sure which ones need to be closed. please advise which entries need to be closed before i continue with the assignment.

construction expenditures 40,000

vouchers payable 40,000

encumbrances 2,000,000

encumbrances outstanding 2,000,000

vouchers payable 40,000

cash 40,000

cash 2,000,000

other financing sources 2,000,000

construction expenditures 1,000,000

encumbrances outstanding 1,000,000

encumbrances 1,000,000

contracts payable 1,000,000

cash 960,000

contracts payable retained % 40,000

encumbrances outstanding 1,000,000

contracts payable 980,000

encumbrances 1,000,000

contracts payable 980,000

cash 940,800

contracts payable retained % 39,200

contracts payable retained % 79,200

cash 79,200

cash 410,000

revenues sales taxes 410,000

Reference no: EM13573318

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