The adjusted pre-closing trial balance of the General Fund of the Village of Everclear for the year ended December 31, 2019 is given below. You are required to prepare the following:

a. Journalize the appropriate Closing Entries. WITH DESCRIPTIONS [6 points] Use the tab marked Closing Entries

c. Prepare a Statement of Revenue, Expenditure and Changes in Fund Balance for the accounting period ended December 31, 2019. [4.5 points] Use the tab marked Stmt of Rev Exp change in FB.

b. Prepare a Balance Sheet as of December 31, 2019. [14.5 points] Use the tab Bal Sheet

Village of Everclear
Adjusted Pre-Closing Trial Balance at December 31, 2019
	Account Name		DEBIT	CREDIT
Estimated Revenue			$525,000
Estimated Other Financing Uses				$40,000
Appropriations				$480,000
Budgetary Fund Balance				$5,000
Encumbrances			$11,000
Budgetary Fund Balance-Reserve for Encumbrances				$11,000
Cash			$200,000
Supplies Inventory			$12,000
Taxes Receivable - Current			$53,000
Allowance for Uncollectible Taxes Receivable-Current				$3,000
Taxes Receivable - Delinquent			$101,000
Allowance for Uncollectible Taxes Receivable-Delinquent				$10,000
Due from Capital Projects Fund			$15,000
Vouchers Payable				$48,000
Wages Payable				$11,000
Due to Internal Service Fund				$17,000
Tax Anticipation Note Payable				$125,000
Fund Balance				$150,000
Revenue Control				$524,000
Expenditure Control			$475,000
Transfer from Capital Project Fund				$8,000
Transfer to Internal Service Fund			$40,000
			$896,000	$896,000
Information for the Fund Balance section of the Balance Sheet:
The Village received a grant of $30,000 from the state that is restricted for qualifying expenditures. Assume the outstanding encumbrances are for purchase orders that will be paid for next year from the General Fund. The Village Council signed an ordinance allocating $50,000 of the remaining fund balance to capital projects.