Transactions, Closing Entries, Budgetary Comparison Schedule, and Balance Sheet The July 1, 2019 balance sheet for the general fund of the Town of Hiller, Texas is: TOWN OF HILLER General Fund Balance Sheet July 1, 2019 (in thousands) Cash $60,000 Accounts payable $6,000 Taxes receivable 5,000 Fund balance-unassigned 59,000 Total assets $65,000 Total liabilities and fund balance $65,000 Transactions for the town during fiscal 2020 were in thousands): 1. The town council approved a budget estimating revenues of $50,000 in property taxes and $15,000 in fees and service charges. The budget authorized expenditures of $68,000. 2. Property taxes were accrued. Uncollectible taxes are considered negligible. 3. Taxes of $4,950 were collected from last year, and $46,000 of this year's taxes were collected. Uncollected taxes from last year were written off. The remaining uncollected taxes from this year are expected to be collected within 60 days of fiscal year-end. 4. Expenditures were $66,500, and purchase orders of $1,000 were outstanding at fiscal year-end. 5. Bills of $67,000 were paid in cash. 6. Fees and service charges of $13,500 were collected in cash. Required a. Prepare the journal entries to record the budget and transactions for fiscal 2020. Date Description Debit Credit 1 Fund balance-unassigned To record budget. 2 To record property tax levy. Cash 3 To record collection of last year's taxes. To record collection of this year's taxes. 4 To record expenditures. To account for purchase orders outstanding. 5 > To record payment of bills. 6 To record collection of fees and service charges. Debit b. Prepare closing entries for fiscal 2020. Description Property tax revenues Fee and service revenues Credit . Expenditures Encumbrances c. Compute the unassigned fund balance at June 30, 2020. $ d. Prepare a budgetary comparison schedule for fiscal 2020. Use the GAAP budgetary basis. Use negative signs with your answers to indicate an unfavorable variance. Use a negative sign with your answers for Change in fund balances to represent a decrease in fund balance, if appropriate. Budgetary Comparison Schedule For the Year Ended June 30, 2020 Variance Favorable (Unfavorable) $ Actual $ Budget Revenues $ Expenditures Change in fund balances $ $ $ e. Prepare the general fund balance sheet at June 30, 2020. TOWN OF HILLER General Fund Balance Sheet June 30, 2020 (in thousands) Cash Accounts payable Taxes receivable Fund balance assigned Fund balance unassigned Total liabilities and fund balance $ $ Total assets