The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from other Funds Vouchers Payable Due to other Funds Fund Balance-unassigned Property Tax Revenue Miscellaneous Revenue Expenditures other Financing Uses-Transfer out Estimated Revenues Control Appropriations Control Estimated other Financing Uses-Transfer out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit Credit $ 96,000 118,300 $ 7,100 14,700 68,000 8,900 124,000 1,140,000 36,000 1,125,000 30,000 1,226,000 1,145,000 30,000 33,000 33,000 51,080 $2,643,000 $2,643,600 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.) View transaction list Record the entry to close the budgetary accounts. > A > B Record the entry to close the remaining encumbrances by reversing the remaining budgetary balance. c Record the entry to reserve the fund balance for encumbrances that lapse, but are expected to be honored in 20x2. Credit D Record the entry to close the operating statement accounts. E Record the entry to close the transfer out. Note : = = journal entry has been entered b. Prepare a general fund-only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem ste select the approprlate answers. Amounts to be deducted should be indicated with minus sign.) LONE WOLF General Fund Balance Sheet December 31, 20X1 Assets 0 $ 0 Total Assets Liabilities and Fund Balance Fund Balance: Spendable: Assigned to 0 Total Liabilities and Fund Balance $ 0