$614,400 $614,400 Assigned fund balance consists of outstanding encumbrances. Required Prepare the budget entry that was made at January 1,2020. b. Calculate the balance in fund balance-unassigned on December 31, 2019. Prepare the required closing entries at year-end d. Prepare the general fund statement of revenues, expenditures, and changes in fund balances for 2020. Prepare the general fund balance sheet at December 31, 2020. C. e P10.12 General Fund-Entries and Financial Statements Below are the July 1, 2019 balances for the general fund of Montana County. The county's fiscal year ends June 30. LO Credit Debit Cash... Taxes receivable. Allowance for uncollectible taxes. Due from special revenue fund $120,000 22,500 $14,000 15,000 Inventories.. 7,500 Accounts payable. Fund balance-nonspendable. Fund balance-assigned.. Fund balance-unassigned 7,500 7,500 3,000 133,000 Totals $165,000 $165,000 State and Local Governments: Introduction and General Fund Transactions Montana County uses the purchases method for inventories, and the GAAP budgetary basis for encum- brances outstanding at year-end. Assigned fund balance consists of outstanding encumbrances. The begin- ning balance for taxes receivable are uncollected 2019 taxes. The following events occurred in fiscal 2020 1. Passed the 2020 budget, consisting of expected revenues from property taxes, fees and licenses of $370,500, expected state grants of $40,000, estimated expenditures of $370,000 , and expected trans fers out of $50,00o. Accrued the state grants 2. Levied property taxes of $300,000, of which 5 percent are estimated to be uncollectible. Collected $280,000 of these taxes. 3. Received $25,000 in state grants 4. Collected $10,000 in 2019 taxes; wrote off the remainder. 5. Transferred $50,000 to the special revenue fund. 6. Received $65,000 in cash for fees and licenses. 7. Received the inventories connected with purchase orders outstanding The bill was $3,200 8. Paid $8,000 to the capital projects fund, as a temporary loan. 9. Received $12,000 from the special revenue fund as partial repayment of a loan made in fiscal 2019 10. Purchased inventories of $45,000 on account. 11. Made other expenditures of $320,000 during the year. Purchase orders outstanding at year-end total $1,600 12. Total accounts payable paid in fiscal 2020 amounted to $367,000. Included are amounts related to expenditures and inventory purchases. 13. Inventories on hand at year-end total $6,000 14. Of the fiscal 2020 taxes uncollected at year-end, $8,000 are expected to be collected within 60 days. as of the end of fiscal 2019 Required Prepare entries necessary at the beginning of the year to record the budget and make any other neces- sary adjustments or accruals. b. a. Prepare entries necessary to record the events of the year and any year-end adjustments Prepare the necessary closing entries for June 30, 2020. d. C. Present, in good form, the statement of revenues, expenditures and changes in fund balances for Montana County for fiscal 2020. Include a reconciliation of beginning and ending fund balances. Present, in good form, the balance sheet for the general fund of Montana County for June 30, 2020. e. 13 Capital Asset and Debt Transactions: Modified Accrual and Full Accrual Accounting A major difference between modified accrual accounting used for the general fund and full accrual accounting