The December 31, 2020 Pre-Closing Trial Balance for the General

Essay

The December 31, 2020 pre-closing trial balance for the general fund of Chemung County appears below.
$$\begin{array} { | l | r | r | } \hline & { \text { Debit } } &{ \text { Credit } } \\\hline \text { Cash and cash equivalents } & \$ 11,900 & \\\hline \text { Taxes receivable, net } & 13,400 & \\\hline \text { Due from other funds } & 11,300 & \\\hline \text { State and federal aid receivable } & 13,800 & \\\hline \text { Estimated revenues } & 155,000 & \\\hline \text { Estimated other financing sources } & 9,500 & \\\hline \text { Accounts payable } & & \$ 10,100 \\\hline \text { Due to other funds and governments } & & 25,200 \\\hline \text { Fund balance-unassigned } & & 4,500 \\\hline \text { Appropriations } & & 160,000 \\\hline \text { Estimated other financing uses } & & 6,000 \\\hline \text { Property tax revenues } & & 98,900 \\\hline \text { Licenses, permits, and fines revenue } & & 14,500 \\\hline \text { State and federal aid revenue } & & 44,200 \\\hline \text { Proceeds from sale of capital assets } & & 1,200 \\\hline \text { Transfers in } & & 200 \\\hline \text { Bond proceeds } & &8,000 \\\hline \text { General government expenditures } & 53,800 & \\\hline \text { Education and public safety expenditures } & 18,000& \\\hline \text { Health and economic assistance expenditures } & 73,000 & \\\hline \text { Debt principal expenditures } &3,500 & \\\hline \text { Debt interest expenditures } & 1,100 & \\\hline \text { Capital outlay } & 3,300 & \\\hline \text { Transfers out } &\underline{ 5,200} & \\\hline \text { Total } &\underline{\$372,800} &\underline{\$372,800} \\\hline\end{array}$$ Required
a. Prepare the budget entry made at the beginning of 2020.
b. Calculate the beginning balance for fund balance: unassigned, before the budget entry.
c. Prepare the general fund's statement of revenues, expenditures, and changes in fund balance for 2020.
d. Prepare the general fund's balance sheet at December 31, 2020.