Required: Record the journal entries required on December 31, 2023, to close all temporary accounts for governmental activities at the government-wide level. These entries should also recognize changes in Net Position—Net Investment in Capital Assets and Net Position—Restricted for Debt Service. Be sure to deduct accrued interest on long-term debt in calculating the December 31, 2023 balance of Net Position—Restricted for Debt Service. If accrued interest is greater than net position there is no restriction on net position. Reclassify any internal payables or receivables as Internal Balances. For each account to be closed or reclassified, be sure the check mark for [Closing Entry] is selected for each account being closed; “Closing Entry” appears next to the [Add credit] field. Post the closing entries to the general ledger by clicking on [Post entries].
110%
Pre-closing Trial Balance as of 2023 City of Bingham 5 - Governmental Activities, Governmental-Wide level
Description
Debit
Credit
Cash
613,283 105,000
Taxes Receivable-Current
Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable on Taxes
2,481
5,204 5,393
844
298,750
Land Infrastructure Accumulated Depreciation-Infrastructure Buildings Accumulated Depreciation-Buildings Equipment
1,725,600 12,554,500 5,526,531 8,255,000 1,773,117 4,205,000
Accumulated Depreciation-Equipment Vouchers Payable Accrued Interest Payable on Long-Term Debt
1,647,677 282,338 25,000 550,000 3,050,000 13,917 110,204 15,413,400 418,195 447,500 250,000 110,250 3,610,204 12,672 1,857,250 1,946,675 679,675 222,917 47,175 32,882,876 32,882,876
Current Portion of Long-Term Debt
Serial Bonds Payable-2% iqeleg spuog (nyos uo un(waid Deferred Inflows of Resources Net Position-Net Investment in Capital Assets
Net Position-Unrestricted Program Revenues-General Government-Charges for Services
Program Revenues-General Government-Operating Grants and Contributions Program Revenues-Public Safety-Charges for Services
General Revenues-Taxes Property General Revenues-Taxes-Sales
Expenses-Public Safety Expenses-Public Works Expenses-Culture and Recreation
Expenses-Interest on Long-Term Debt
Totals for all accounts