The City Council of the City of Eastover adopted the following budget for its General Fund for 20X8. The budget was not revised during the fiscal year. The budgetary basis was modified accrual.

City of Eastover

General Fund

Budget

For Fiscal Year 20X8

The preclosing trial balances of the Revenues and Expenditures Subsidiary Ledgers at the end of fiscal year 20X8 are:
City of Eastover
generad Fund
Preclosing Trial Balances
Revenues and Expenditures Subsidiary Ledgers
September 30, 20X8

Required
The only encumbrances outstanding at year end were for $75,000 of unperformed contracts for the Health and Sanitation function. The beginning total fund balance was $312,000.
a. Prepare closing entries for both the General Ledger accounts and the subsidiary ledgers of the City of Eastover General Fund. (Hint: You will have to derive the General Ledger balances of some accounts.)
b. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual for the General Fund of the City of Eastover for fiscal year20X8.

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Estimated Revenues $3,500,000 96,000 240,000 75,000 ..1,300,000 85,000 Taxes. cens es and permits .-...-.... S5,296,000 Appropriations Public safety . 500,000 500,000 370,000 330,000 Health and sanitation Total appropriations. . Budgeted excess of revenues 5,250,000 46,000 Debit Credit Revenues Subsidiary Ledger 5,000 20,000 13,000 500,000 Investment income. -... . 5,000 Totals Expenditures Subsidiary Ledger .. 55,000 $518,000 S 500 1,000 Health and sanitation 1,000 1,800 1,800 330 1,530 5,100