Public and Not For Profit Accounting

Individual Portion

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 balance here.
  • 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.

Please add your file.

Group Portion

• As individual work is completed, meet as a team to discuss and review the individual deliverables to ensure that they are correct before submitting the group document.
• Work as a team to decide how to assemble and submit the final deliverables.

Please add your file.

Grading CriteriaPrepare the closing entries.32%Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual.48%You will be graded on your ability to work as a team, as evidenced from postings in the group project Discussion Board.10%Use proper formatting for the assignment and references.10%

For assistance with your assignment, please use your text, Web resources, and all course materials.