The City of Asher had the following transactions, among others, in 20X7:

1. The council estimated that revenues of $210,000 would be generated for the General Fund in 20X7. The sources and amounts of expected revenues are as follows:

Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000

Parking meters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000

Business licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30,000

Amusement licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,000

Charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000

Other revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000

  $210,000

2. Property taxes of $152,000 were levied by the council; $2,000 of these taxes are expected to be uncollectible.

3. The council adopted a budget revision increasing the estimate of amusement licenses revenues by $2,000 and decreasing the estimate for business licenses revenues by $2,000.

4. The following collections were made by the city:

Property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000

Parking meters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500

Business licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28,000

Amusement licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500

Charges for services (not previously accrued) . . . . . . . . . . . . . . . . . . 9,000

Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,000

  $202,000

5. The resources of a discontinued Capital Projects Fund were transferred to the General Fund, $4,800.

6. Enterprise Fund cash of $5,000 was paid to the General Fund to subsidize its operations.

Required

a. Prepare general journal entries and budgetary entries to record the transactions in the General Ledger and Revenues Subsidiary Ledger accounts.

b. Prepare a trial balance of the Revenues Ledger after posting the general journal entries prepared in item (a). Show agreement with the control accounts.

c. Prepare the general journal entry(ies) to close the revenue accounts in the General Ledger and Revenues Ledger.