Question

The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows.

	Debit			Credit
Cash	$	94,000
Property Taxes Receivable—Delinquent		118,200
Allowance for Uncollectibles—Delinquent				$	7,100
Due from Other Funds		14,300
Vouchers Payable					63,000
Due to Other Funds					8,400
Fund Balance—Unassigned					120,000
Property Tax Revenue					1,140,000
Miscellaneous Revenue					38,000
Expenditures		1,125,000
Other Financing Uses—Transfer Out		25,000
Estimated Revenues Control		1,233,000
Appropriations Control					1,155,000
Estimated Other Financing Uses—Transfer Out					25,000
Encumbrances		39,000
Budgetary Fund Balance—Assigned for Encumbrances					39,000
Budgetary Fund Balance—Unassigned					53,000
Total	$	2,648,500		$	2,648,500

Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.

Required:
a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Appropriations control
A		Estimated other financing uses—transfer out
		Budgetary fund balance—unassigned
		Estimated revenues control
B	2	Budgetary fund balance—assigned for encumbrances
		Encumbrances
C	3	Budgetary fund balance—unassigned
		Fund balance—assigned for encumbrances
D	4	Property tax revenue
		Miscellaneous revenue
		Expenditures
		Fund balance—unassigned
E	5	Fund balance—unassigned
		Other financing uses—transfer out

Answer 1

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