P4-7 (Closing Entries and Financial Statements. The preclosing trial balance of a Special Revenue Fund of Pine County at the end of its 20X7 fiscal year is General Ledger: Debit Credit Cash $ 45,000 Taxes Receivable --Delinquent 70,000 Allowance for Uncollectible Taxes -- Delinquent $ 10,000 Due from General Fund 16,000 Advance to Enterprise Fund 25,000 Accrued Receivables.. 9,000 Vouchers Payable.. 21.000 Problems 163 Due to Internal Service Fund. 4,000 Accrued Payables. 6,000 Fund Balance 107000 Revenues. 798,000 Expenditures 789,000 Transfer to Debt Service Fund 15,000 Transfer from Capital Projects Fund 35,000 Correction of Prior Year Error 12,000 $981,000 $981,000 Revenues Ledger Taxes... SS50,000 Intergovernmental. 130,000 Charges for Services 80,000 Other 18.000 $798,000 Expenditures Ledger: General Government $330.000 Parks and Recreation 200,000 Social Services 250.000 Other 9,000 $789,000 The Advance to Enterprise Fund plus another $15.000 of the fund's net assets are related to resources set aside for the purposes of the Special Revenue Fund at the discretion of the county's management. The remainder comes from revenues restricted for the specific purpose for which the fund was established a. Prepare the entry or entries to close the General Ledger and subsidiary ledger accounts at Required the end of the 20X7 fiscal year. b. Based on the preclosing trial balance, prepare the following in good form, for the Pine County Special Revenue Fund: 1. A balance sheet at the end of the 20X7 fiscal year. 2. A statement of revenues, expenditures, and changes in fund balances for the 20X7 fiscal year