The postclosing trial balance of the general fund of the town of Pine Ridge on December 31, 20X1, is as follows:

	Debit	Credit
Cash	$ 111,000
Property Taxes ReceivableDelinquent	90,000
Allowance for UncollectiblesDelinquent		$ 9,000
Vouchers Payable		31,000
Fund BalanceAssigned for Encumbrances		21,000
Fund BalanceUnassigned		140,000
Total	$ 201,000	$ 201,000

Additional Information Related to 20X2:

1. Estimated revenue consisted of property taxes, $1,584,000 from a tax levy of $1,600,000 of which 1 percent was estimated uncollectible; sales taxes, $250,000; and miscellaneous, $43,000. Appropriations totaled $1,840,000, and estimated transfers out were $37,000. Appropriations included outstanding purchase orders from 20X1 of $21,000. Pine Ridge uses the lapsing method for outstanding encumbrances.
2. Cash receipts consisted of property taxes, $1,590,000, including $83,000 from 20X1; sales taxes, $284,000; licenses and fees, $39,000; and a loan from the motor pool, $10,000. The remaining property taxes from 20X1 were written off, and those remaining from 20X2 were reclassified.
3. Orders were issued for $1,800,000 in addition to the acceptance of the $21,000 outstanding purchase orders from 20X1. A total of $48,000 of purchase orders still was outstanding at the end of 20X2. Actual expenditures were $1,788,000, including $42,000 for office furniture. Vouchers paid totaled $1,793,000.
4. Other cash payments and transfers follow:

Loan to central stores	$ 13,000
Transfer out	37,000

Required:

1. Prepare entries to summarize the general fund budget and transactions for 20X2.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Prepare a preclosing trial balance.

Prepare closing entries for the general fund.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Prepare a balance sheet for the general fund as of December 31, 20X2.

Note: Amounts to be deducted should be indicated by minus sign.

Prepare a statement of revenues, expenditures, and changes in fund balance for 20X2 for the general fund.

\begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ PINE RIDGE } \\ \hline \multicolumn{1}{|c|}{ General Fund } \\ \hline Statement of Revenues, Expenditures, and Changes in Fund Balance \\ \hline Revenue: & \\ \hline & \\ \hline & \\ \hline Total revenued December 31, 20X2 & \\ \hline Expenditures: & \\ \hline & \\ \hline & \\ \hline Total expenditures & \\ \hline & \\ \hline Other financing sources (uses): & \\ \hline & \\ \hline & \\ \hline Fund balance, January 1,202 & \\ \hline Fund balance, December 31,202 & \\ \hline \end{tabular}