Suppose the general fund balance sheet for the City of Golden, Colorado, appears as follows:

All numbers below are in thousands. Assigned fund balance consists of outstanding encumbrances. The following budget entry was made on July 1, 2016:

Bills for the June 30, 2016, encumbrances were \($2,000\) less than the amount encumbered. Actual revenues were \($15,000\) less than budgeted. The legal budgetary basis is used for outstanding encumbrances. Investments were liquidated at book value.
Required 

Reconstruct the journal entries, including closing entries, for the year ended June 30, 2017, for Golden’s general fund.

Transcribed Image Text:

(in thousands) Assets Cash. Investments Due from state government. Due from federal government. Totals... Liabilities and fund balances Accounts payable... Fund balance-assigned Fund balance-unassigned. Totals.... CITY OF GOLDEN General Fund Balance Sheets at June 30 2017 2016 $ 20,000 40,000 $ 22,000 48,000 60,000 98,000 $120,000 $168,000 $ 40,000 - 80,000 $120,000 $ 32,000 18,000 118,000 $168,000