Transactions, Closing Entries, and Budgetary Comparison Schedule The January 1,2013, balance sheet for the general fund of the village of Owen, Texas is:

Transactions for the village during 2013 were (in thousands):
1. The village council approved a budget estimating revenues of $41,000 in property taxes and $10,000 in fees and service charges. The budget authorized expenditures of $51,000.
2. Collected receivables of $18,500 from last year and $26,500 of the 2013 tax levy.
3. Recorded encumbrances of $50,300. On December 31, 2013, purchase orders of $13,000 were outstanding.
4. Bills received exceeded the amounts encumbered by $200.
5. Mailed checks for $44,000 in payment of accounts payable.
6. Collected fees and service charges of $ 11,000.
Required
a. Prepare the journal entries to record the transactions during 2013.
b. Prepare closing entries at December 31, 2013.
c. Compute the unassigned fund balance at December 31, 2013.
d. Prepare a budgetary comparison schedule for 2013. Use the GAAP budgetary basis.

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VILLAGE OF OWEN General Fund Balance Sheet January 1, 2013 (in thousands) Cash Taxes receivable. .. Total assetsR$ $30,000 Accounts payable. r.^_..$13,000 37,000 20,000 Fund balance . 50,000 Total labilities and fund balance$50,000