The preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows:                                                                                         Debit         CreditCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250,000Contracts Payable—Retained Percentage. . . . . . . . . . .                     110,000Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        41,600Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . .                     800,000Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .586,600Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,000Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000Fund Balance—Assigned for Encumbrances. . . . . . . .                        80,000Estimated Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Estimated Other Financing Sources. . . . . . . . . . . . . . . . 900,000Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       600,000Estimated Other Financing Uses . . . . . . . . . . . . . . . . . .                         15,000Budgetary Fund Balance—Unassigned. . . . . . . . . . . .                         295,000Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,941,600     1,941,6001. Prepare closing entries as of December 31, 2019.2. Prepare the year-end statement of revenues, expenditures, and changes in fund balances for this project that began on January 2, 2019.3. Prepare the fund balance sheet as of December 31, 2019.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The preclosing, year-end trial balance for a capital projects fund of the city of Rochester as of December 31, 2019, follows:

                                                                                         Debit         Credit
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110,000
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250,000
Contracts Payable—Retained Percentage. . . . . . . . . . .                     110,000
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        41,600
Other Financing Sources . . . . . . . . . . . . . . . . . . . . . . . . . .                     800,000
Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .586,600
Other Financing Uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,000
Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000
Fund Balance—Assigned for Encumbrances. . . . . . . .                        80,000
Estimated Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Estimated Other Financing Sources. . . . . . . . . . . . . . . . 900,000
Appropriations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       600,000
Estimated Other Financing Uses . . . . . . . . . . . . . . . . . .                         15,000
Budgetary Fund Balance—Unassigned. . . . . . . . . . . .                         295,000
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,941,600     1,941,600

1. Prepare closing entries as of December 31, 2019.
2. Prepare the year-end statement of revenues, expenditures, and changes in fund balances for this project that began on January 2, 2019.
3. Prepare the fund balance sheet as of December 31, 2019.

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