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Question

The general fund trial balance for Lakeview City held the following balances at September 30, 2011, just before closing entries were made:

Due from other funds $ 8,000

Fund balance - unassigned 50,000

Estimated revenues 180,000

Revenues 177,000

Appropriations 176,000

Expenditures - current year 169,000

Expenditures - prior year 16,000

Other financing sources - transfer in from Capital Projects Fund 62,000

Required:

Prepare the necessary closing entries for the General Fund