The preclosing trial balance at December 31, 20X1, for the general fund of Lone Wolf is given below.

Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
\section*{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:

Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Unreserved Fund Balance Property Tax Revenue Miscellaneous Revenue Debit $ 90.000 100.000 14.600 Credit $ 7,200 65,000 8,400 119,000 1,130,000 40,000 Expenditures 1.140.000 Other Financing Use-Transfers Out 25.000 Estimated Revenues Control 1,200,000 Appropriations Control 1,145,000 Estimated Other Financing Use-Transfers Out 25.000 Encumbrances 32,000 Budgetary Fund Balance Reserved for Encumbrances Budgetary Fund Balance Unreserved 32,000 30.000 Total $2.601.600 $2,601,600