Assignment
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.