The preclosing trial balance of a Special Revenue Fund of Mesa County at the end of its 20X7 fiscal year is:

The Advance to Enterprise Fund plus another $15,000 of the fund€™s net assets are related to resources set aside for the purposes of the Special Revenue Fund at the discretion of the county€™s management. The remainder comes from revenues restricted for the specific purpose for which the fund was established.

Required
a. Prepare the entry or entries to close the General Ledger and subsidiary ledger accounts at the end of the 20X7 fiscal year.
b. Based on the preclosing trial balance, prepare the following, in good form, for the Mesa County Special Revenue Fund:
1. A balance sheet at the end of the 20X7 fiscal year.
2. A statement of revenues, expenditures, and changes in fund balances for the 20X7 fiscalyear.

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General Ledger: Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Debit 45,000 70,000 Credit ..-- S 10,000 Due from General Fund . . . . . . . .. . . . . 16,000 25,000 9,000 Advance to Enterprise Fund.... 21,000 4,000 6,000 107000 798.000 Due to Internal Service Fund. Accrued Payables. . . . Revenues . . . 789,000 15,000 Transfer to Debt Service Fund..__ . . Transfer from Capital Projects Fund... Correction of Prior Year Error....-.. 35,000 12,000 $981,000 $981,000 ues Ledger: Keven $550,000 150,000 80,000 18,000 $798,000 Intergovernmental Other.. Expenditures Ledger: General Government ..7.... Parks and Recreation 330,000 200,000 250,000 9,000 789.000 Other . ..