School District #25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At year-end, before closing entries, the district had the following balances in its accounts. All accounts had normal balances.
REQUIRED: (a) Prepare the necessary closing entries.
(b) Prepare a balance sheet after closing.

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The Answer of School District #25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end. At year-end, before closing entries, the district had the following balances in its accounts. All accounts had normal balances.
REQUIRED: (a) Prepare the necessary closing entries.
(b) Prepare a balance sheet after closing.

School District #25 Formally Integrates the Budget into the Accounting