Q5: The trial balance of Arden School District General Fund is as follows: 15 mark ARDEN SCHOOL DISTRICT GENERAL FUND Trial Balance December 31,2006 Debit Credit Cash Short-term investments $ 47,250 Taxes receivable-delinquent 11,300 Inventory of supplies 30,000 Vouchers payable 11,450 Payable to Internal Service Fund $ 20.200 950 Fund balance reserved for encumbrances 2,800 Fund balance reserved for inventory of supplies 11,450 Unreserved and undesignated fund balance 59,400 Budgetary fund balance 1,007,000 7,000 Estimated revenues Appropriations 985,000 Estimated other financing uses 15,000 Revenues 1,008,200 Expenditures 990,200 Other financing uses 10,000 Encumbrances 2,800 Totals $2.1 10,00 $2.1 10.000 The balance of the Fund Balance Reserved for Inventory of Supplies ledger account on December 31, 2005, was $9,500. Instructions a. Prepare the following financial statements for Arden School District General Fund for the year ended December 31, 2006: (1) Statement of revenues, expenditures, and changes in fund balance. (2) Balance sheet. b. Prepare closing entries for Arden School District General Fund on December 31, 2006