CF - Closing Entries

Question 1

To Record Overexpenditure

Answer 1

Debit - Deferred Charges - Overexpenditure
Credit - Budget Appropriations

Question 2

To Record Payable to General Capital Fund

Answer 2

Debit - Budget Appropriation - CIF
Credit - Due to General Capital Fund

Question 3

To Record Account Payable

Answer 3

Debit - Appropriation Reserve
Credit - Accounts Payable

Question 4

To close Revenues (Non Deficit)

Answer 4

Debit
- MRNA
- Misc Anticipated Revenue
- Receipts from Deliquent Taxes
- Amount to be Raised by Taxation
Creidt - Operations

Question 5

To Lapse Appropriation Reserve

Answer 5

Debit - Appropriation Reserve
Credit - Operations

Question 6

To Record Y/E Appropriation Reserve

Answer 6

Debit - Budget Appropriations
Credit - Appropriation Reserve

Question 7

To Close Operation

Answer 7

Debit - Operation
Credit - Fund Balance

Question 8

To Close Operation (Deficit)

Answer 8

Debit - Deferred Charge (Cash Deficit)
Credit - Operation