Problem 1: The following is a pre-closing trial balance for City of Environ General Fund as of June 30, 2021:

	Debits	Credits
Cash	$466,000
Taxes ReceivableCurrent	116,000
Allowance for Uncollectible Current Taxes		$12,000
Accounts Payable		31,200
Due to Other Funds		22,000
Tax Anticipation Notes Payable		200,000
Fund BalanceUnassigned		280,800
Budgetary Fund Balance		4,000
Estimated Revenues	400,000
Revenues		408,000
Appropriations		396,000
Expenditures	372,000
Totals	$1,354,000	$1,354,000

REQUIRED:

1. Record the closing entry or entries for City of Environ in journal entry form.

2. What is the fund balance as of June 30, 2021, after all closing entries have been made?