Answer Happy

The Principal City prepared the Trial Balance of the
corporate-type fund as of December 31, 20X1. The enterprise fund
was established this year through a transfer from the general
fund.
After having studied the Trial Balance of the company:
1.Prepare the fund's closing entries as of December 31,
20X1.
2.Prepare the Statement of Revenues, Expenses, and Changes in Fund
Net Position for the year ending December 31.
Trial Balance:
Debits Credits 96,000 Accounts payable Accounts receivable 32,000 28,000 45,000 Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts 47,000 12,000 Capital assets 712,000 89,000 550,000 Cash Charges for sales and services Cost of sales and services Depreciation expense Due from general fund 479,000 45,000 17.000 Interest expense 40,000 4,000 119,000 Interest revenue Transfer in from general fund Bank note payable Supplies inventory Totals 625,000 18,000 1,479,000 1,479,000