a) Prepare the required closing entries.

The following is a pre-closing trial balance for the Village of Lake Augusta's general Fund as of December 31, 2017: Debits Credits Accounts payable 6,800 160,000 Appropriations Budgetary fund balance 38,000 Budgetary fund balance: reserve for encumbrances 5,000 116,500 Cash 3,000 Deferred revenues: property taxes 5.000 Due to other funds 5.000 Encumbrances 8,000 Estimated other financing sources Estimated other financing uses 10,000 Estimated revenues 200,000 2,000 Estimated uncollectible taxes Expenditures 154,000 Fund balance 54,700 Other financing sources 10,000 11,000 Other financing uses 199,000 Revenues Tax anticipation notes payable 30,000 Taxes receivable 29,000 523 500 Totals 523,500