The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of
December 31, 2009, the last day of its fiscal year. The enterprise fund was
established this year through a transfer from the General Fund.
Debits Credits
Accounts payable 110,000
Accounts receivable 102,000
Accrued interest payable 4,000
Accumulated depreciation 45,000
Administrative and selling expenses 175,000
Allowance for uncollectible accounts 12,000
Capital assets 550,000
Cash 95,000
Charges for sales and services 503,000
Cost fo sales and services 347,000
Depreciation expense 45,000
Due from General Fund 40,000
Interest expense 18,000
Interest revenue 28,000
Transfer in from General Fund 202,000
Revenue bonds payable 475,000
Supplies inventory 7,000
Totals 1,379,000 1,379,000
Prepare the closing entries for December 31.
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