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 B, 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. 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 0 $ 0 Total Assets Liabilities and Fund Balance Fund Balance: Spendable: Assigned to: 0 Total Liabilities and Fund Balance $ 0