1. Award: 50.00 points The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2023, follow. These (beginning) balances are recorded in the proper general ledger accounts, as of 1/1/2024. CITY OF MONROE General Fund Balance Sheet As of December 31, 2023 Assets Cash $ 470,000 Taxes receivable $ 185,000 Less: Estimated uncollectible taxes (37,000) Net 148,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) Net 4,250 Due from state government 204,000 Total assets $ 826,250 Liabilities, Deferred Inflows, and Fund Balance Liabilities: Accounts payable $ 75,000 Due to other funds 27,000 Total liabilities 102,000 Deferred inflows Property taxes 26,500 Fund Balance: Fund balanceassigned (for outstanding encumbrances) $ 18,700 Fund balanceunassigned 679,050 Total fund balance 697,750 Total liabilities, deferred inflows, and fund balance $ 826,250 3-C. The City prepares annual budgets for the General and special revenue funds. Subsidiary accounts are not required. Prepare journal entries to record the following: a. As of January 1, 2024, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. 4-C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2024. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures, and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. 1. 2, oo o0 o0 o0 o" o Encumbrances of $18,700 for purchase orders outstanding at the end of 2023 were re-established. The January 1, 2024, balance in Deferred Inflows Property Taxes relates to the amount of the 2023 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2024 revenues. 3. Ageneral tax levy in the amount of $6,800,000 was made. It is estimated that 1% percent (.0125) of the tax will be uncollectible. 4, 5. Goods and supplies related to all encumbrances outstanding as of December 31, 2023 were received, along with invoices amounting to The city borrowed $500,000 from a local bank, signing a short-term (tax anticipation) note payable. $18,700. The invoices were approved for payment. The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure (not inventory) when received. . All accounts payable and the amount due other funds were paid. The General Fund collected the following in cash: prior year taxes receivable, $142,000; interest and penalties receivable on prior year taxes, $3,500; current year taxes receivable, $6,390,000; $204,000 previously recorded as due from the state government; licenses and permits, $812,000; sales taxes, $2,890,000; and Miscellaneous revenues, $350,000 . Purchase orders and contracts were issued in the amount of $3,465,000. . Payrolls for the General Fund totaled $5,090,000. Of that amount, $498,000 were withheld for employees' federal income taxes and $357,000 were withheld for employees' FICA and Medicare tax liability; the balance was paid in cash. The encumbrance system is not used for payrolls. . The liability for the city's share of FICA and Medicare taxes, $357,000, was recorded as was the liability for state unemployment taxes in the amount of $28,000. . Most of the supplies and services ordered in transaction 9 were received in the amount of $3,402,000 and the invoices were approved for payment. The related encumbrance amounted to $3,407,000. The remaining encumbrances represent outstanding purchase orders expected to be filled in January 2025