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

Debits Credits

Cash 261,400

Taxes Receivable Current 888,500

Estimated Uncollectible Current Taxes 62,000

Accounts Payable 325,700

Due to Other Funds 15,900

Tax Anticipation Notes Payable 520,000

Reserve for Encumbrances 112,000

Fund Balance 122,500

Estimated Revenues 1,556,200

Revenues 1,457,300

Appropriations 1,551,600

Encumbrances 112,000

Expenditures 1,349,000

Totals 4,167,100 4,164,000

Prepare Closing entries at June, 30, 2005