I am trying to complete the closing entries for December 31. (it is not necessar

I am trying to complete the closing entries for December 31. (it is not necessary to use control accounts and subsidiary ledgers) The village of seaside pines prepared the following General fund trial balance as of December 31,2105, the last day of its fiscal year A/p 19,000 Allowance uncollectible tax 12,000 appropriations 485,000 Budgetary fund balance 20,000 Cash 175,000 Deferred inflows property tax 38,000 Due from capital projects fund 17,000 Due to debt service fund 17,000 Encumbrances 63,000 Estimated revenues 540,000 Estimated other financing uses 35,000 General government expenditures 55,000 Property tax revenue 500,000 public safety expenditures 244,000 Budgetary fund balance – reserve for encumbrances 63,000 Supplies inventory 17,000 Tax anticipation note payable 100,000 Taxes receivables 202,000 transfer out to internal service fund 33,000 Fund balance 125,000 my answer: Closing Entry: Debit Credit Accounts Appropriations 485,000 Estimated other financing uses 35,000 Budgetary fund balance 20,000 Estimated Revenues 540,000 To reverse the budget Property Tax revenues 500,000 Other revenues 55,000 General government expenditures 190,000 Public Safety expenditures 244,000 Other financing uses – transfers out 33,000 To close revenues and expenses account Fund balance reserved for encumbrances 63,000 Encumbrances 63,000 To close all unused encumbrances What else am I missing? it doesn’t equal out?

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