Prepare the General Ledger journal entries and the Balance Sheet for the General Fund for the Village of Bath for the year ended December 31, 2012 35 points

Bath has the following beginning account balances in its General Fund as of Jan. 1, 2012.

	Debits		Credits
Fund Balance Accounts Payable Cash	1,100,000	$1,000,000 100,000

a. The budget was formally adopted. Estimated revenues are $2,500,000 and appropriations are estimated to be $2,465,000.

b.Revenues were received in the amount of $2,505,000.

c.Purchase orders were issued in the amount of $1,300,000.

d.Purchase orders were filled in the amount of $1,105,000. The invoice amount was $1,110,000.

e.Expenditures not encumbered, amounted to $1,040,000. (not yet paid)

f.Amounts from entries d and e less 10% to be paid next month are paid

g.Record the closing entry. Remember that the actual revenues is closed by a debit with a credit to Estimated Revenues and the balance to Fund Balance.

h.Record the closing entry. Remember that the actual expenditures and the balance in Encumbrances is closed by a credit with a debit to Appropriations and the balance to Fund Balance.

Prepare a Balance Sheet assuming the beginning balances and entries a. to h.