Adjust Trial Balance to Closing Entries
I really need help knowing how to close out an adjusted Trial Balance. I'm new at this and don't have a lot of practice.
Dr. Cr.
Cash & Cash Equivalents 860,750
Cash, restricted 47,500
Investments 2,037,000
Due from other funds 595,000
Land 976,000
Machinery and equipment 2,264,000
Accumulated depreciation,
Machinery and equipment 1,840,000
Buildings 2,058,000
Accumulated Depreciation,
Buildings 933,000
Accounts Payable 398,250
Revenue bonds payable,
Current portion 50,000
Revenue bonds payable,
Noncurrent portion 1,650,000
Net Assets 4,087,000
Revenues -charges for services 3,608,000
Revenues - other 61,200
Operating expenses
-purchase of water 2,389,000
Operating expenses
- materials and supplies 276,000
Operating expenses
- personal services 827,195
Operating expenses
-depreciation 253,000
Nonoperating revenues
- investment revenues 29,680
Nonoperating expense
- interest 14,325