Question - Following is the preclosing trial balance for the General Fund of the City of Doyle.
Doyle City The General Fund General Ledger Trial Balance December 31, 2016
Cash $ 400,000
Certificates of Deposit 350,000
Due from State Government 112,000
Due from Other Funds 30,000
Taxes Receivable 774,000
Estimated Revenue 3,110,000
Expenditures 1,960,000
Encumbrances 734,000
Transfers to Other Funds 90,000
Expenditures-2015 55,000
Estimated Uncollectible Taxes $ 30,000
Vouchers Payable 64,000
Due to Other Funds 27,000
Fund Balance-Unassigned 760,000
Fund Balance-Assigned (Note 1) 784,000
Appropriations 2,700,000
Revenue 3,210,000
Transfers from Other Funds ___________ 40,000
$7,615,000 $7,615,000
Note 1: Includes $50,000 of encumbrances from 2015.
Required: Prepare in general journal form the closing entries for the General Fund of Doyle City.