The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Credit $ Debit 90,000 100,000 7,200 14,600 65,000 8,400 119,000 1,130,000 40,000 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 1,140,000 25,000 1,200,000 1,145,000 25,000 32,000 32,000 30,000 $2,601,600 $2,601,600 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 Journal entry worksheet Record the entry to close the budgetary accounts