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ACC 3700_CHAPTER 3 ADDITIONAL HOMEWORK PROBLEM 12 Madison County records encumbrances in its accounting records and engaged in the following transactions during its fiscal year: 1. Ordered office supplies for $10,000 2. Ordered equipment for $40,000 3. Received $60,000 of property taxes in cash 4. Received and paid for the equipment at a final cost of 542,000 5. Received a portion of the supplies and paid $8,000. The supplies were used up during the year Required; a. Prepare the journal entries for the above transactions b. Prepare the year end closing entries Assuming a beginning of the year Fund Balance was $15,000, what is the end of year Fund Balance? d. Assuming all of the beginning of the year Fund Balance was unassigned, how much of the end of year Fund Balance, if any, is now assigned? e What would have been the difference, if any, in the year end Financial Statements had Madison County not made the encumbrance entries