The preclosing trial balance for the General Fund of the City of Springfield is presented below.

Note 1: Includes $35,000 of encumbrances from 2019.

Required:

Prepare the closing entries for the General Fund.

Transcribed Image Text:

City of Springfield The General Fund General Ledger Trial Balance December 31, 2020 Cash $ 90,000 Certificates of Deposit 120,000 Property Taxes Receivable 175,000 Estimated Revenue 1,690,000 Expenditures Expenditures-2019 1,310,000 32,000 Encumbrances 165,000 Estimated Uncollectible Taxes $ 51,000 Vouchers Payable 65,000 Fund Balance-Unassigned 41,000 Fund Balance-Assigned (Note 1) 200,000 Reserve for Encumbrances-2019 35,000 Appropriations 1,550,000 Revenue 1,675,000 $3,582,000 $3,582,000