Your team has been hired as the accountants for the Village of AIU. Your team is being asked to do the following: Your team is provided with the adopted budget, as well as the preclosing trial balance, of the revenues and expenditures subsidiary ledgers at year-end. Download the adopted budget and preclosing trial balance here. Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development. The beginning fund balance was $75,000. Prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of AIU general fund. Prepare the statement of revenues, expenditures, and changes in fund balance?budget and actual?for the Village of AIU General Fund for the 20X9 fiscal year.

Village of AIU G eneral F und B udget F F cal Y or is ear 20X9 E stimated R evenues: Taxes Interest & penalities License, permits & fees Intergovernmental grants Investment revenue Miscellaneous revenue Total estimated revenues Appropriations: G eneral government P ublic safety S treet and sanitation Health and welfare C ommunity development P arks and recreation Total appropriations Budgeted excess of revenues over appropriations $ 125,000 20,000 35,000 15,000 75,000 5,000 $ 275,000 80,000 23,000 50,000 35,000 12,000 25,000 225,000 $ 50,000 Village of AIU G eneral F und Preclos ing Trial B alance R evenue and E xpenditures S ubs idiary L edgers J une 30, 20X9 Debit C redit R evenues S ubs idiary L edger: Taxes 5,000 Interest & penalities 1,500 License, permits & fees 4,250 Intergovernmental grants 13,750 Investment revenue 1,250 Miscellaneous revenue 2,450 Totals 10,500 17,700 E xpenditures S ubs idiary L edger: G eneral government 8,750 P ublic safety 125 S treet and sanitation 1,750 Health and welfare 6,000 C ommunity development 1,600 P arks and recreation 2,500 Totals 17,250 3,475 Village of AIU G eneral F und B udget F F cal Y or is ear 20X9 E stimated R evenues: Taxes Interest & penalities License, permits & fees Intergovernmental grants Investment revenue Miscellaneous revenue Total estimated revenues Appropriations: G eneral government P ublic safety S treet and sanitation Health and welfare C ommunity development P arks and recreation Total appropriations Budgeted excess of revenues over appropriations $ 125,000 20,000 35,000 15,000 75,000 5,000 $ 275,000 80,000 23,000 50,000 35,000 12,000 25,000 225,000 $ 50,000 Village of AIU G eneral F und Preclos ing Trial B alance R evenue and E xpenditures S ubs idiary L edgers J une 30, 20X9 Debit C redit R evenues S ubs idiary L edger: Taxes 5,000 Interest & penalities 1,500 License, permits & fees 4,250 Intergovernmental grants 13,750 Investment revenue 1,250 Miscellaneous revenue 2,450 Totals 10,500 17,700 E xpenditures S ubs idiary L edger: G eneral government 8,750 P ublic safety 125 S treet and sanitation 1,750 Health and welfare 6,000 C ommunity development 1,600 P arks and recreation 2,500 Totals 17,250 3,475