The preclosing trial balance at December 31, 20X1, for Lone Wolf€™s general fund follows.

Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.

Required
a. Prepare the closing entries for the general fund.
b. Prepare a general fund€“only balance sheet at December 31,20X1.

Transcribed Image Text:

Debit Credit $90,000 100,000 Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance -Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out $ 7.200 14,600 65,000 8,400 119,000 1,130,000 40,000 ,140,000 25,000 1,200,000 1,145,000 25,000 32,000 Budgetary Fund Balance Assigned for Encumbrances Budgetary Fund Balance Unassigned Total 32,000 30,000 $2.601.600 $2,601,600