Following Is the Trial Balance of City of Peachville's General

Short Answer

Following is the trial balance of City of Peachville's General Fund at December 31, 2019. Prepare: (a) closing entries; (b) a post-closing trial balance; (c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019; and (d) a balance sheet at December 31, 2019.
$\begin{array}{lrr}&\text {Debits}&\text {Credits}\\\text { Cash } & \$ 20,000 & \\\text { Property taxes receivable } & 30,000 & \\\text { Due from other funds } & 10,000 & \\\text { Vouchers payable } & & \$ 15,000 \\\text { Unassigned fund balance, January } 1,2019 && 25,000 \\\text { Revenues-property taxes } && 325,000 \\\text { Revenues-other } & &35,000\\ \text { Expenditures-salaries } & 280,000 \\ \text { Expenditures-materials } & 20,000 \\\text { Transfer out to Debt Service Fund } & 40,000 \\ \text { Encumbrances-materials } & 4,000 \\ \text { Budgetary fund balance reserved for encumbrances } &&4,000 \\ \text { stimated revenues--property taxes } & 325,000 \\ \text { Estimated revenues-other } & 40,000 \\ \text { Appropriations-salaries } &&290,000 \\\text { Appropriations-materials } &&25,000 \\\text { Appropriations-transfer out to Debt Service Fund } & & 40,000 \\\text { Budgetary fund balance } &\underline{\quad\quad}& \underline{10,000} \\\text { Totals } & \underline{ \$ 769,000 }& \underline{ \$ 769,000}\end{array}$