The City Council of the City of Eastover adopted the

The City Council of the City of Eastover adopted the following budget for its General Fund for
20X8. The budget was not revised during the fiscal year. The budgetary basis was modified
accrual.City of EastoverGeneral FundBudgetFor Fiscal Year 20X8The preclosing trial balances
of the Revenues and Expenditures Subsidiary Ledgers at the end of fiscal year 20X8 are:City of
Eastovergenerad FundPreclosing Trial BalancesRevenues and Expenditures Subsidiary
LedgersSeptember 30, 20X8RequiredThe only encumbrances outstanding at year end were for
$75,000 of unperformed contracts for the Health and Sanitation function. The beginning total
fund balance was $312,000.a. Prepare closing entries for both the General Ledger accounts
and the subsidiary ledgers of the City of Eastover General Fund. (Hint: You will have to derive
the General Ledger balances of some accounts.)b. Prepare the Statement of Revenues,
Expenditures, and Changes in Fund Balance—Budget and Actual for the General Fund of the
City of Eastover for fiscal year20X8. View Solution: The City Council of the City of Eastover
adopted the
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