ENTRY C-1, REVENUE AND REIMBURSEMENTS ACCOUNTS ARE CLOSED - 10650

(New: 05/1995)

Nature of Transaction:

Revenue and reimbursements accounts of the fiscal year just ended are closed.

Journal Entry for General Ledger Accounts:

Debit:

8000  Revenue

8100  Reimbursements

9891 Refunds to Reverted Appropriations

Credit:

5530   Fund Balance—Unappropriated (For funds accounted entirely by one agency)

(or)

5570   Fund Balance—Clearing Account (For funds not accounted entirely by one agency)

9892   Prior Year Income Adjustments (Assuming a debit balance in the account)

Source:

Final June 30 balances of revenue and reimbursements accounts.

Explanation:

Revenue and reimbursements accounts are closed in determining either the fund balance available for appropriation for funds accounted entirely by one agency or each agency's shared equity (net assets or liabilities) of particular funds in the State Treasury not accounted entirely by one agency.