The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit
Cash $ 100,000
Property Taxes Receivable—Delinquent 115,200
Allowance for Uncollectibles—Delinquent $ 7,100
Due from Other Funds 14,400
Vouchers Payable 66,000
Due to Other Funds 8,500
Fund Balance—Unassigned 118,000
Property Tax Revenue 1,145,000
Miscellaneous Revenue 43,000
Expenditures 1,130,000
Other Financing Uses—Transfer Out 28,000
Estimated Revenues Control 1,231,000
Appropriations Control 1,145,000
Estimated Other Financing Uses—Transfer Out 28,000
Encumbrances 37,000
Budgetary Fund Balance—Assigned for Encumbrances 37,000
Budgetary Fund Balance—Unassigned 58,000
Total $ 2,655,600 $ 2,655,600
Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
b. Prepare a general fund–only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deducted should be indicated with minus sign.)

On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?

Regarding the results of a swot analysis, organizational weaknesses are (a) internal factors that the organization may exploit for a competitive advantage (b) internal factors that the organization needs to fix in order to be competitive (c) mbo skills that should be emphasized (d) skills and capabilities that give an industry advantages problems that a specific industry needs to correct

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."