MERCED COUNTY General Fund Balance Sheet April 1, 2023 Cash $55,000 Accounts payable $36,000 Taxes receivable, net of $12,000 allowance for uncollectible taxes 15,000 Fund balance-unassigned 34,000 Total assets $70,000 Total liabilities and fund balance $70,000 The county has a March 31 year-end. Outstanding encumbrances are reported in assigned fund balance. Transactions for the town during fiscal 2024 were as follows:

1. The town council approved the following budget: estimated revenues of $900,000 in property taxes and $100,000 in fees and service charges, and authorized expenditures of $990,000.

2. The property taxes were accrued. Uncollectible taxes are estimated to be $10,000.

3. Taxes of $16,500 were collected from last year, and $875,000 of this year's taxes were collected. Uncollected taxes from last year were written off. $18,000 of the remaining uncollected taxes from this year are expected to be collected within 60 days of fiscal year-end.

4. Expenditures were $988,000, and purchase orders of $1,000 were outstanding at fiscal year-end.

5. The accounts payable balance at March 31, 2024 was $27,000.

6. Fees and service charges of $95,000 were collected in cash.

Required

1.Prepare the journal entries to record the budget and transactions for fiscal 2024.

2. Prepare closing entries for fiscal 2024.

3, Compute the unassigned fund balance at March 31, 2024.