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I need help in this question. Please do them correctly and 100%. 4 The preclosing trial balance at December 31, 20x1, for Lone Wolf's general
I need help in this question. Please do them correctly and 100%.
4 The preclosing trial balance at December 31, 20x1, for Lone Wolf's general fund follows. 5 points eBook Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit Credit $ 95, eee 188,700 7,300 14,200 61, eee 8,6ee 128,eee 1,145,eee 39,600 1,135,eee 28,eee 1, 232,000 1,155.ee 28,600 38,eee 38,eee 49,00 $2,658,988 $2,658,9ee Print References Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances. Required: a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) 4 Required: a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) 5 points View transaction Mat Journal entry worksheet Record the entry to close the budgetary accounts. Print References Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal 4. Record entry Clear entry View general Journal 5 points eBook b. Prepare a general fund-only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deducted should be indicated with minus sign.) Print LONE WOLF General Fund Balance Sheet December 31, 20X1 Assets References Total Assets Liabilities and Fund Balance Fund Balance: Spendable: Assigned to: Total Liabilities and Fund BalanceStep by Step Solution
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