The December 31, 2020 trial balance of the ABC County general fund, before adjusting and closing entries, is as follows:

	Debits	Credits
Cash	$    50,000
Taxes receivable	150,000
Estimated revenues	562,000
Estimated other financing sources	110,000
Expenditures	680,000
Due from other funds	25,000
Allowance for uncollectible taxes		$     25,000
Accounts payable		40,000
Due to other funds		20,000
Property tax revenues		550,000
Transfers from other funds		100,000
Appropriations		690,000
Fund balance—unassigned	________	152,000
Totals	$1,577,000	$1,577,000

1. What was balance in fund balance–unassigned on January 1, 2020, before the budget entry was made?

2. Using the attached T-account template:

• Enter the unadjusted balances (above) and label each one “BAL”
• Prepare the required adjusting entry related to the uncollected taxes at year-end, 75% which are considered to be collectible within 60 days, and the remainder are uncollectible.  

3. Prepare the necessary closing entries for the year ended December 31, 2020, labeling the entries “CE-1” an “CE-2”

4. Prepare the 2020 operating statement for the general fund, in good form.

Prepare the December 31, 2020 balance sheet for the general fund, in good form.

Answer rating: 100% (QA)

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