Your team has been hired as the accountants for the Village of AIU. Your team is being asked to do the following:
- Your team is provided with the adopted budget, as well as the preclosing trial balance, of the revenues and expenditures subsidiary ledgers at year-end.
- Download the adopted budget and preclosing trial balancehere.
- Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development.
- The beginning fund balance was $75,000.
- Prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of AIU general fund.
- Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual—for the Village of AIU General Fund for the 20X9 fiscal year.
- Work as a team to define an approach for producing the deliverables for this assignment.
- Assign individual work to each team member.
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