(Complete set of entries and statements)

The following transactions apply to the FY 2004 operations of the Arctic City Levee Board, a recently formed organization:

a. Revenues were estimated at $\$ 150,000$. Appropriations of $\$ 145,000$ were made.

b. Property tax bills totaling $\$ 120,000$ were sent out at the beginning of the year. During the year, the entire amount was collected. Fines and penalties amounted to $\$ 28,000$.

c. Supplies worth $\$ 33,000$ were purchased during the year. Salaries paid amounted to $\$ 100,000$, and utilities for the year amounted to $\$ 9,000$. The Board does not use encumbrances. All expenditures were paid in full and in cash during the year.

\section*{Required:}

1. Prepare journal entries to record the transactions.

2. Post the entries made in part (1). (Use T-accounts.)

3. Prepare a preclosing trial balance.

4. Prepare closing entries.

5. Post the entries made in part (4).

6. Prepare a postclosing trial balance.

7. Prepare, in good form, a balance sheet and a statement of revenues, expenditures, and changes in fund balance for FY 2004. Assume that the fund balance at the beginning of the year was zero.