Closing Entries and Balance Sheet
The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows.
| Debit | Credit |
Cash | $ 90,000 |
|
Property Taxes Receivable—Delinquent | 100,000 |
|
Allowance for Uncollectibles—Delinquent |
| $ 7,200 |
Due from Other Funds | 14,600 |
|
Vouchers Payable |
| 65,000 |
Due to Other Funds |
| 8,400 |
Fund Balance—Unassigned |
| 119,000 |
Property Tax Revenue |
| 1,130,000 |
Miscellaneous Revenue |
| 40,000 |
Expenditures | 1,140,000 |
|
Other Financing Uses—Transfer Out | 25,000 |
|
Estimated Revenues Control | 1,200,000 |
|
Appropriations Control |
| 1,145,000 |
Estimated Other Financing Uses—Transfer Out |
| 25,000 |
Encumbrances | 32,000 |
|
Budgetary Fund Balance—Assigned for Encumbrances |
| 32,000 |
Budgetary Fund Balance—Unassigned |
| 30,000 |
Total | $2,601,600 | $2,601,600 |
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.
b. Prepare a general fund-only balance sheet at December 31, 20X1.
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