I need help completing the closing entries, which is part b of the problem. I have completed part a and will attach the entries I have done.There is a template for the closing entries. Thank you in advance!

4-C.Special Revenue Fund Transactions

Required:

a. Record journal entries for the following transactions for FY 2017 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary.(Make entries directly to individual revenue and expenditure accounts).

(1) The state government notified the City that $1,065,000 will be available for street and highway maintenance during 2017 (i.e. the City has met eligibility requirements). The funds are not considered reimbursement- as defined by GASB standards.

(2) Cash in the total amount of $997,000 was received from the state government.

(3) Contracts, all eligible for payment from the Street and Highway Fund, were signed in the amount of $1,062,000.

(4) Contractual services (see transaction 3) were received; the related contracts amounted to $1,042,000. Invoices amounting to $1,040,500 for these items were approved for payment. The goods and services all were for street and highway maintenance.

(5) Investment revenue of $5,120 was earned and received.

(6) Accounts payable were paid in the amount of $923,000.

(7) All required legal steps were accomplished to increase appropriations in the amount of $4,500.

4c 4a 4b 0 .4 Due from state government Integovernmental Revenues Cash Due from state gov Encumbrances Reserve for encumbrances Expenditures Accounts Payable Reserve for encumbrances Encumbrances Cash Interest revenue-investment Accounts payable Cash Budgetary fund balance Appropriation 1,065,000 997,000 1,062,000 1,040,500 1,042,000 5,120 923,000 4,500 1,065,000 997,000 1,062,000 1,040,500 1,042,000 5,120 923,000 4,500 PART B: Closing entries BUDGETARY Account Title Debits Credits FUND BALANCE 16,500 Preclosing closing entry 16,500 FUND BALANCE 180,000 Preclosing closing entry 180,000 ending balance Complete the following table Non-spendable Restricted Committed Assigned Unassigned Total Fund BalanceCITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets Cash $497,000 Taxes receivable $210,000 Less: Estimated uncollectible taxes 137,000! net 173,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties 1950! net 4,250 Due from state government 210,000 Total assets $884,250 Liabilities, Deferred Inows and Fund Equity Liabilities: Accounts payable $ 99,000 Due to other inds 27,000 Total liabilities 126,000 Deferred inows 7 Property taxes 21,000 Fund equity: Fund balanceiassigned (for outstanding encumbrances) $17,000 Fund balanceunassigned 720,250 Total fund balance 737,250 Total liabilities, deferred inows and fund equity $884,250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash $23,000 Investments 59,000 Due from state government 107,000 Total assets $189,000 Liabilities and Fund Equity Liabilities: Accounts payable $9,000 Fund equity: Fund balanceassigned for streets and highways 180,000 Total liabilities and fund equity $189,000