The preclosing trial balance at December 31, 20X1, for Lone Wolfs general fund follows.

	Debit			Credit
Cash	$	96,000
Property Taxes ReceivableDelinquent		119,200
Allowance for UncollectiblesDelinquent				$	7,400
Due from Other Funds		14,700
Vouchers Payable					64,000
Due to Other Funds					8,500
Fund BalanceUnassigned					117,000
Property Tax Revenue					1,150,000
Miscellaneous Revenue					41,000
Expenditures		1,130,000
Other Financing UsesTransfer Out		28,000
Estimated Revenues Control		1,234,000
Appropriations Control					1,145,000
Estimated Other Financing UsesTransfer Out					28,000
Encumbrances		38,000
Budgetary Fund BalanceAssigned for Encumbrances					38,000
Budgetary Fund BalanceUnassigned					61,000
Total	$	2,659,900		$	2,659,900

Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances. Required: a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the entry to close the budgetary accounts.
• Record the entry to close the remaining encumbrances by reversing the remaining budgetary balance.
• Record the entry to reserve the fund balance for encumbrances that lapse, but are expected to be honored in 20X2.
• Record the entry to close the operating statement accounts.
• Record the entry to close the transfer out.

b. Prepare a general fundonly balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deducted should be indicated with minus sign.)

Required: a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the budgetary accounts. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal b. Prepare a general fund-only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deducted should be indicated with minus sign.) LONE WOLF General Fund Balance Sheet December 31, 20X1 Assets Total Assets Liabilities and Fund Balance Fund Balance Spendable: Assigned to: Total Liabilities and Fund Balance