(Solution) - The preclosing trial balance for the general fund of Graystone -(2025 Original AI-Free Solution)

Paper Details

The preclosing trial balance for the general fund of Graystone County is given below:
Dr (Cr)
Cash $ 3,500,000
Taxes receivable-current 800,000
Allowance for uncollectible taxes-current (450,000)
Supplies 280,000
Estimated revenues 13,000,000
Expenditures 10,500,000
Expenditures-prior year 420,000
Encumbrances 300,000
Due from other funds 120,000
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.