1. The following is a pre-closing trial balance for Olson City's General Fund as of June 30, 2005.

DebitsCredits

Cash261,400

Taxes Receivable - Current 888,500

Estimated Uncollectible Current Taxes62,000

Accounts Payable325,700

Due to Other Funds15,900

Tax Anticipation Notes Payable520,000

Reserve for Encumbrances112,000

Fund Balance122,500

Estimated Revenues1,556,200

Revenues1,457,300

Appropriations1,551,600

Encumbrances112,000

Expenditures1,349,000

Totals4,167,1004,164,000

Prepare Closing entries at June, 30, 2005

2. King City has budgeted the following General Fund revenues and appropriations for the fiscal year 2002.

Estimated Revenues:

Taxes$6,000,000

Licenses and Permits1,200,000

Fines and Forfeits400,000

Intergovernmental Revenues2,000,000

Total Estimates Revenues$9,600.00

Appropriations

General Administration$1,700,000

Police2,000,000

Fire2,300,000

Health and Welfare1,800,000

Public Works1,900,000

Total Appropriations$9,700,000

Prepare the budgetary entry.