Below are the July 1, 2022, balances for the general fund of Montana County. The countys fiscal year ends June 30. Debit Credit Cash $120,000 Taxes receivable 22,500 Allowance for uncollectible taxes $14,000 Due from special revenue fund 15,000 Accounts payable 7,500 Fund balance - nonspendable 0 Fund balance - assigned 3,000 Fund balance - unassigned 133,000 Totals $157,500 $157,500 Montana County uses the purchases method for inventories, and the GAAP budgetary basis for encumbrances outstanding at year-end. Assigned fund balance consists of outstanding encumbrances. The beginning balance for taxes receivable are uncollected 2022 taxes. All expenditures are recorded in accounts payable. The following events occurred in fiscal 2023: 1. Passed the 2023 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 transfers out of $50,000. Accrued the state grants. a. Prepare entries necessary at the beginning of the year to record the budget and make any other necessary adjustments or accruals. General Fund Journal Description Debit Credit Estimated revenues Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Estimated other financing uses Answer 0 Answer 0 To establish budget. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To reverse outstanding encumbrance closing entry from last year. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To accrue state grant. Fiscal 2023 events continued: 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 2022 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 as of the end of fiscal 2022. 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. 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 2023 amounted to $367,000. 13. Of the fiscal 2023 taxes uncollected at year-end, $8,000 are expected to be collected within 60 days. b. Prepare entries necessary to record the events of the year and any year-end adjustments. General Fund Journal Description Debit Credit Answer Answer 0 Answer 0 Property tax revenue Answer 0 Answer 0 Answer Answer 0 Answer 0 To record property tax bills. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record property tax collection. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record state grant cash received. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record collection of fiscal 2022 taxes. Answer Answer 0 Answer 0 Taxes receivable Answer 0 Answer 0 Answer Answer 0 Answer 0 To write off uncollected fiscal 2022 taxes. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record transfer to special revenue fund. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record fee and license revenue received in cash. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record receipt of inventories on purchase orders sent last year. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record advance to capital projects fund. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record collection of loan to special revenue fund. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record inventories purchased on account. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record other expenditures for the year. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record purchase orders outstanding at year-end. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To record payment of accounts payable. Prepare any adjusting entries related to item (13) above. Note: If space provided for second journal entry is not needed, select N/A as your debit and credit accounts and leave amounts blank (zero). Adjusting entries at year-end: Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To adjust allowance for uncollectible taxes. Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 c. Prepare the necessary closing entries for June 30, 2023. General Fund Journal Description Debit Credit Property tax revenue Answer 0 Answer 0 Fee and license revenue Answer 0 Answer 0 State grant revenue Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To close revenues. Answer Answer 0 Answer 0 Estimated other financing uses Answer 0 Answer 0 Transfers out Answer 0 Answer 0 Expenditures Answer 0 Answer 0 Answer Answer 0 Answer 0 Fund balance - unassigned Answer 0 Answer 0 To close expenditures and other financing uses. d. Present, in good form, the statement of revenues, expenditures and changes in fund balances for Montana County for fiscal 2023. Include a reconciliation of beginning and ending fund balances. Use negative signs with excess revenues over (under) expenditures answers, if "under" applies. Use a negative sign any amount that reduces the balance (i.e. expenditures & transfers out). Montana County General Fund Statement of Revenues, Expenditures, and Changes in Fund Balances For the Year Ended June 30, 2023 Revenues: Property taxes Answer 0 Fees and licenses Answer 0 State grant Answer 0 Total revenues Answer 0 Expenditures Answer 0 Excess of revenues over (under) expenditures Answer 0 Other financing sources (uses): Transfers out Answer 0 Excess of revenues over (under) expenditures and other financing uses Answer 0 Fund balances - July 1, 2022 (below) Answer 0 Change in fund balance - nonspendable: no change leave blank -------> Answer 0 Fund balance - June 30, 2023 (below) Answer 0 Reconciliation of beginning and ending fund balances. July 1, 2022 June 30, 2023 Fund balance - nonspendable (zero balance) Answer 0 Answer 0 Fund balance - assigned Answer 0 Answer 0 Fund balance - unassigned Answer 0 Answer 0 Answer 0 Answer 0 e. Present, in good form, the balance sheet for the general fund of Montana County for June 30, 2023. Montana County General Fund Balance Sheet At June 30, 2023 Assets Cash Answer 0 Property taxes receivable (net allowance for uncollectibles) Answer 0 State grant receivable Answer 0 Due from special revenue fund Answer 0 Due from capital projects fund Answer 0 Answer 0 Total assets Answer 0 Liabilities and fund balances Accounts payable Answer 0 Fund balances: Nonspendable Answer 0 Assigned Answer 0 Unassigned Answer 0 Total fund balances Answer 0 Total liabilities and fund balances Answer 0 Please answer all parts of the question.