PROBLEM 17-5 Balance Sheet, Statement of Revenues, Expenditures, and Changes in Fund Balance LO 8 The trial balance for the General Fund of the City of Fairfield as of December 31, 2020, is pre- sented here: City of Fairfield The General Fund Adjusted Trial Balance December 31, 2020 Dehir Credir Cash $430,000 Property Tax Receivable 45,000 Estimated Uncollectible Taxes $ 20,000 Due from Trust Fund 50,000 Vouchers Payable 60,000 Fund Balance-Assigned (encumbrances) 30,000 Fund Balance Unassigned 415,000 S525,000 $525,000 Transactions for the year ended December 31, 2021, are summarized as follows: 1. The City Council adopted a budget for the year with estimated revenue of $735,000 and appropriations of $700,000 2. Property taxes in the amount of 390,000 were levied for the current year. It is estimated that $24,000 of the taxes levied will prove to be uncollectible. 3. Proceeds from the sale of equipment in the amount of $35,000 were received by the General Fund. The equipment was purchased 10 years ago with resources of the General Fund at a cost of $150,000. On the date of purchase, it was estimated that the equipment had a useful life of 15 years. 4. Licenses and fees in the amount of $110,000 were collected. 5. The total amount of encumbrances against fund resources for the year was $642,500. 6. Vouchers in the amount of $455,000 were authorized for payment. This was $15.000 less than the amount originally encumbered for these purchases. 7. An invoice in the amount of $28,000 was received for goods ordered in 2020. The invoice was approved for payment. Property taxes in the amount of $570,000 were collected. 9. Vouchers in the amount of $475,000 were paid. 10. Fifty thousand dollars was transferred to the General Fund from the Trust Fund. 11. The City Council authorized the write-off of $30,000 in uncollected property taxes. Required: A. Prepare entries in general journal form to record the transactions for the year ended Decem- ber 31, 2021. B. Prepare a preclosing trial balance for the General Fund as of December 31, 2021. C. Prepare the necessary closing entries for the year ended December 31, 2021. Chapter 17 Introduction to Fund Accounting D. Prepare a balance sheet and a statement of revenues, expenditures, and changes in fund balance for the General Fund for the year ended December 31, 2021