Individual PortionYour team has been hired as the accountant

Individual PortionYour team has been hired as the accountants for the Village of AIU. Your team is being asked to do the following:Your team is provided with the adopted budget, as well as the preclosing trial balance, of the revenues and expenditures subsidiary ledgers at year-end.Download the adopted budget and preclosing trial balance here.Note that the only encumbrances outstanding at year-end were $15,000 for unperformed contracts in community development.The beginning fund balance was $75,000.Prepare the closing entries for the general ledger accounts and the subsidiary ledgers of the Village of AIU general fund.Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual—for the Village of AIU General Fund for the 20X9 fiscal year.Work as a team to define an approach for producing the deliverables for this assignment.Assign individual work to each team member.Deliverable Length:  2–3 pages Please add your file. Group PortionAs individual work is completed, meet as a team to discuss and review the individual deliverables to ensure that they are correct before submitting the group document.Work as a team to decide how to assemble and submit the final deliverables.Please add your file.  Grading CriteriaPrepare the closing entries.32%Prepare the statement of revenues, expenditures, and changes in fund balance—budget and actual.48%You will be graded on your ability to work as a team, as evidenced from postings in the group project Discussion Board.10%Use proper formatting for the assignment and references.10%For assistance with your assignment, please use your text, Web resources, and all course materials.