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The December 31, 2020 trial balance of the ABC County general fund, before adjusting and closing entries, is as follows: Debits Credits Cash $ 50,000

  1. The December 31, 2020 trial balance of the ABC County general fund, before adjusting and closing entries, is as follows:

Debits

Credits

Cash

$ 50,000

Taxes receivable

150,000

Estimated revenues

562,000

Estimated other financing sources

110,000

Expenditures

680,000

Due from other funds

25,000

Allowance for uncollectible taxes

$ 25,000

Accounts payable

40,000

Due to other funds

20,000

Property tax revenues

550,000

Transfers from other funds

100,000

Appropriations

690,000

Fund balanceunassigned

________

152,000

Totals

$1,577,000

$1,577,000

  1. What was balance in fund balanceunassigned on January 1, 2020, before the budget entry was made?

____________________

  1. Using the attached T-account template:
  • Enter the unadjusted balances (above) and label each one BAL
  • Prepare the required adjusting entry related to the uncollected taxes at year-end, 75% which are considered to be collectible within 60 days, and the remainder are uncollectible.

  1. Prepare the necessary closing entries for the year ended December 31, 2020, labeling the entries CE-1 an CE-2

  1. Prepare the 2020 operating statement for the general fund, in good form.

e. Prepare the December 31, 2020 balance sheet for the general fund, in good form.

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