We will now enter the opening balances for SpringTime as taken from the 1999 trial balance.
Note that we must first "close out" the operating and capital funds to arrive at our ending fund balances. The fund balances on the trial balance provided are the opening fund balances. (The opening balance is the balance at the beginning of the period, before the revenues, expenses and transfers for the year have been applied to arrive at the ending, or closing balance.)
| |
dr (cr) |
| Operating fund - opening balance |
(15) |
| Flower Pin Revenue |
(450) |
| Flower Pin Cost of Sales |
150 |
| Spring Fling Contributions Recognized |
(500) |
| Unrestricted Contributions |
(100) |
| Administration |
65 |
| Spring Fling Expenses |
400 |
| Operating fund - closing balance |
(450) |
| |
dr (cr) |
| Capital fund - opening balance |
(435) |
| Capital contributions |
(50) |
| Amortization |
100 |
| Interest expense |
65 |
| Capital fund - closing balance |
(320) |
| |
dr |
cr |
| Bank - operating account |
350 |
|
| Bank - capital account |
150 |
|
| Contributions receivable |
100 |
|
| Flower Pin inventory |
300 |
|
| Capital assets |
2000 |
|
| Accumulated amortization |
|
800 |
| Accounts payable |
|
100 |
| Bank loan - current portion |
|
130 |
| Bank loan (for capital assets) |
|
500 |
| Deferred capital contributions |
|
400 |
| Deferred contributions |
|
200 |
| Operating fund - opening balance |
|
450 |
| Capital fund - opening balance |
|
320 |
Back to Main Page