Please help me with the two parts that are marked incorrect. Do not give answer in image Required:a. Prepare the closing entries for the general fund. (If no entry is required for a transaction/event, select "No journal entry requiin the first account field.)NoABсDEEvent1234Spendable:5Vouchers payableDue to other fundsFund Balance:AssetsAssigned to:Appropriations controlEstimated other financing uses-transfer outBudgetary fund balance-unassignedEstimated revenues controlEncumbrancesBudgetary fund balance-assigned for encumbrancesEncumbrancesFund balance-unassignedFund balance assigned for encumbrances.Property tax revenueMiscellaneous revenueExpendituresFund balance-unassignedCashProperty taxes receivable-delinquentAllowance for uncollectibles-delinquentDue from other fundsTotal AssetsLiabilities and Fund BalanceFund balance-unassignedOther financing uses-transfer outAnswer is complete and correct.LONE WOLFGeneral FundBalance SheetDecember 31, 20X1Answer is not complete.UnassignedTotal Liabilities and Fund BalanceGeneral Journal3333✔$104,600(7,100)✔✔X$ 40,000✔$ 96,00097,500193,500$ 67,0008,70043,000 X 83,000✓158,700›› › ›b. Prepare a general fund-only balance sheet at December 31, 20X1. (Follow the same sequence shown in the problem statement toselect the appropriate answers. Amounts to be deducted should be indicated with minus sign.)✓›› ›› ››››✓✔✓✓✓✔Debit1,155,000✔29,00043,000✔40,000✔40,000✔1,140,000✔38,000✔29,000✔Credit1,227,000✔40,00040,000✔1,135,000✔43,000✔29,000✔ The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows.Debit96,000104,600CashProperty Taxes Receivable-DelinquentAllowance for Uncollectibles-DelinquentDue from Other FundsVouchers PayableDue to Other Funds.Fund Balance-UnassignedProperty Tax RevenueMiscellaneous RevenueExpendituresOther Financing Uses-Transfer OutEstimated Revenues ControlAppropriations ControlEstimated Other Financing Uses-Transfer OutEncumbrancesBudgetary Fund Balance-Assigned for EncumbrancesBudgetary Fund Balance-UnassignedTotal$14,2001,135,00029,0001,227,00040,000$Credit7,10067,0008,700118,0001,140,00038,0001,155,00029,00040,00043,000$2,645,800 $2,645,800Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.

A balance sheet is the financial statement that records all the assets, liabilities and…

The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total $ Debit 96,000 104,600 14,200 1,135,000 29,000 1,227,000 40,000 $ Credit 7,100 67,000 8,700 118,000 1,140,000 38,000 1,155,000 29,000 40,000 43,000 $2,645,800 $2,645,800 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.

The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total $ Debit 96,000 104,600 14,200 1,135,000 29,000 1,227,000 40,000 $ Credit 7,100 67,000 8,700 118,000 1,140,000 38,000 1,155,000 29,000 40,000 43,000 $2,645,800 $2,645,800 Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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