. 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.aiuniv.edu/LCMSFileShareCommon/9a4/f74/e2d/5c9/410/6bf/9f6/e20/adc/bd8/1f/1_u4gps_a.zip”>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.