Prepare the journal entries for the following transactions. Reclass entries should be posted to Fund Balance Assigned. A) For Year 1: Prepare journal entries for the following transactions. B) For Year 2: Prepare journal entries assuming appropriations lapse C) Provide a Balance Sheet as of the end of year 2. (assume all beginning balances are zero) Year 1 1. The city budgets estimated revenues of $12,700 and appropriations of $11,600. 2. The city issues purchase orders for goods and services, $8,000. 3. Of the goods and services ordered the city received (and used) goods and services totally 90% of the order. Actual cost was $7,100. (paid in cash). The remaining goods and services are expected to be received next year. 4. Actual revenues for the year (all in cash) are $13,000 5. The city closes/reclasses the accounts at year-end. Year 2 6. The city budgets estimated revenues of $10,500 and appropriations of $9,900. 7. The city restores encumbrances of the previous year (if applicable). 8. The city received (and used) all goods and services ordered in the previous year. Actual cost was only $800 (paid in cash). 9. The city incurred and paid for recurring expenditures totally 5,000. These funds were not encumbered. 10. Actual revenues for the year (all in cash) are $11,300. 11. The city closes/reclasses the accounts at year-end. Part A -Year 1 57 1 Part B Year 2. Appropriations Lapse co LLLL 10. Part C Company Balance Sheet Year 2