Business, 15.08.2020 17:01 sharondacarruth7853

The preclosing trial balance at December 31, 20X1, for Lone Wolf’s general fund follows. Debit Credit
Cash $ 100,000
Property Taxes Receivable—Delinquent 115,200
Allowance for Uncollectibles—Delinquent $ 7,100
Due from Other Funds 14,400
Vouchers Payable 66,000
Due to Other Funds 8,500
Fund Balance—Unassigned 118,000
Property Tax Revenue 1,145,000
Miscellaneous Revenue 43,000
Expenditures 1,130,000
Other Financing Uses—Transfer Out 28,000
Estimated Revenues Control 1,231,000
Appropriations Control 1,145,000
Estimated Other Financing Uses—Transfer Out 28,000
Encumbrances 37,000
Budgetary Fund Balance—Assigned for Encumbrances 37,000
Budgetary Fund Balance—Unassigned 58,000
Total $ 2,655,600 $ 2,655,600
Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
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.)
b. Prepare a general fund–only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deducted should be indicated with minus sign.)

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

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