Question: please I need an answer PROBLEM 17.5 Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance LO B: The trial balance for the

PROBLEM 17.5 Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance LO B: The trial balance for the General Fuad of the City of Fairficld as of December 31,2020 , is presented here: City of Fairfield The General Fund Adjusted Trial Balance December 31, 2020 Transactions for the year ended December 31, 2021, are summarized as follows: 1. The City Council adopted a budget for the year with estimated rovenue of $735,000 and appropriations of $700,000. 2. Property taxes in the amount of $590,000 were levied for the current year, ft is estimated that $24,000 of the taxes levied will prove to be uncallectible, 3. Proceeds from the sale of equipment in the amount of $35,000 were received by the General Fund. The equipment was purchased 10 years azo wath tesources of tbe General Fund at a cost of $150,000.0n the date of parchase, it was estimated that the equipment had a useful life of 15 years. 4. Ticenses and fees in the amount of $110,000 were collected. 5- The total amount of encumbrances sgainst fand resoarces for the year was $642,500. 6. Vouchers in the amount of $455,000 were authorized for payment. This was $15,000 less than the amoant originally encumbered for these purchases, 7. An invoice in the amount of $28,000 was received for goods ordered in 2020 . The invoice was appreved for payment. 8. Property taxes in the amount of $570,000 were collected. 9. Vouchers in the amount of $475,000 were paid. to. Fifty thousand dollars was tranaferred to the Cienerbl Fund from the Trust Fund: 11. The City Council authorked the write-off of 390,000 in uncollected property tawa. Required: A. Prepare extries in general journal fora to record the transactions for the year ended December 31,2021. B. Prepare a preclosing trial balance for the General Fund as of December 31, 2021. C. Prepare the necessary closing entries for the year ended December 31, 20a1. D. Prepare a balance sheet and a statement of revenwes, expenditures, and changes in fand balance for the General Fand for the sear coded December 31 , anst
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