The preclosing trial balance for the general fund of Graystone County is given below:
Dr (Cr)
Cash$ 3,500,000
Taxes receivable-current800,000
Allowance for uncollectible taxes-current(450,000)
Supplies280,000
Estimated revenues13,000,000
Expenditures10,500,000
Expenditures-prior year420,000
Encumbrances300,000
Due from other funds120,000
Accounts payable(1,800,000)
Due to other funds(210,000)
Revenues(14,000,000)
Appropriations(11,000,000)
Fund balance-nonspendable(280,000)
Fund balance-assigned(750,000)
Fund balance-unassigned(430,000)
Total$ 0
Additional information:
1. At year-end, all uncollected taxes are deemed delinquent and are fully reserved.
2. A physical count of inventory revealed $250,000 of supplies on hand.
3. Assigned fund balance consists of $300,000 in outstanding encumbrances at year-end, and $450,000 in prior year encumbrances.
Required
a. Prepare all year-end adjusting and closing entries for Graystone County's general fund.
b. Prepare a year-end balance sheet for Graystone County's general fund.