Below are the July l, 2012, balances for the general fund of Montana County. The county's fiscal year ends June 30.

Montana County uses the purchases method for inventories, and the GAAP budgetary basis for encumbrances outstanding at year-end. Assigned fund balance consists of outstanding encumbrances.
The following events occurred in fiscal 2013:
1. Passed the 2013 budget, consisting of expected revenues from property taxes, fees and licenses of $370,500, expected state grants of $40,000, estimated expenditures of $370,000, and expected transfers out of $50,000. Accrued the state grants.
2. Levied property taxes of $300,000, of which 5 percent are estimated to be uncollectible. Collected $280,000 of these taxes.
3. Received $25,000 in state grants.
4. Collected $10,000 in fully reserved delinquent taxes; wrote off the remainder.
5. Transferred $50,000 to the special revenue fund.
6. Received $65,000 in cash for fees and licenses.
7. Received the inventories connected with purchase orders outstanding as of the end of fiscal 2012. The bill was $3,200.
8. Paid $8,000 to the capital projects fund, as a temporary loan.
9. Received $12,000 from the special revenue fund as partial repayment of a loan made in fiscal 2012.
10. Purchased inventories of $45,000 on account.
11. Made expenditures of $320,000 during the year. Purchase orders outstanding at year-end total $4,000.
12. Total accounts payable paid in fiscal 2012 amounted to $367,000. Included are amounts related to expenditures and inventory purchases.
13. Inventories on hand at year-end total $6,000.
14. Taxes uncollected at year-end are to be classified as delinquent and fully reserved.
Required
a. Prepare entries necessary at the beginning of the year to record the budget and make any other necessary adjustments or accruals.
b. Prepare entries necessary to record the events of the year and any year-end adjustments.
c. Prepare the necessary closing entries for June 30, 2013.
d. Present, in good form, the statement of revenues, expenditures and changes in fund balances for Montana County for fiscal 2013. Include a reconciliation of beginning and ending fund balances.
e. Present, in good form, the balance sheet for the general fund of Montana County for June 30, 2013.

Debit Credit $120,000 22,500 $22.500 Allowance for uncollectible taxes delinquent Due from special revenue fund **.--.^....,. 15,000 7,500 Accounts payablea Fund balance-assigneda. Fund balance-nonspendable. .. Fund balance-unassigned. 7,500 3,000 7,500 124,500 $165,000 $165,000