Waynesville had the following General Fund trial balance on January 1, 20X1, after the reversing entry for the 20X0 encumbrances closing entry was made:

The following information summarizes the transactions of the General Fund during 20X1: 1. The city council approved the following budget for 20X1: Expenditures: City Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,000 Police Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 Fire Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Streets and Roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 $63,000 Revenues: Property Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,000 Fines and Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 $85,000 2. The council levied property taxes of $75,000. It was estimated that $2,000 of the taxes would never be collected. 3. Cash collected during the year may be summarized as follows: Prior years levies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $45,000 20X1 levy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000 Fines and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Taxes written off in prior years . . . . . . . . . . . . . . . . . . . . . 500 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 Service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 $98,000 4. With council approval, $5,000 was borrowed on a 90-day note. 5. Orders placed during the year were as follows: City Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,000 Police Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Fire Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Streets and Roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 $15,000 6. Payrolls vouchered during the year were as follows: City Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000 Police Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000 Fire Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,500 Streets and Roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000 $42,500 7. Invoices vouchered during the year were as follows: City Manager . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,500 Police Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 Fire Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Streets and Roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Repayment of note plus interest (see item 4) . . . . . . . . . 5,200 $22,800 The preceding invoices completed all orders except one, dated June 1, 20X1, for an attachment for a Streets and Roads road grader for $950. 8. Payments to other funds:

9. Analysis of collections revealed that taxpayer A, to whom the city owed $1,000 on January 1, 20X1, for overpayment of taxes, had paid his tax for 20X1 minus $1,000. 10. The Streets and Roads Department rendered services in the amount of $250 to the Water Fund. 11. The city council made an additional appropriation in the amount of $5,000 (including $600 interest) for a long-term note maturity that was overlooked in preparing the budget. 12. The note matured and was vouchered. 13. Vouchers of $70,000 were paid. 14. Delinquent taxes of $500 were written off on the authority of the council. 15. Current taxes became delinquent, and the allowance for uncollectible delinquent taxes was reduced by $2,400. Required a. Prepare a worksheet or worksheets summarizing the years operations in such a way that the General Ledger closing entries and required statements may be easily prepared. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund of Waynesville for the year ended December 31,20X1.