1: questions

2-5: chapter 2

6-7 : chapter 3

Complete the transactions/requirements for chapters 2-4 of the City of Bingham Long Version problem found at the Connect website, Post the following items to Blackboard in the order listed by the date due on the syllabus: 1. Post-closing General Iund trial balance for 2022 (Chapter 2) 2. Post-closing Govemmental Activities trial balance for 2022 (Chapter 2) 3. Revenues Ledger (Chapter 3) 4. Appropriations Ledger (Chapter 3) 5. Pre-closing General Fund trial balance for 2023 (Chapter 3) 6. General Fund General Joumal (after Chapter 4 is complete) 7. Governmental Activities General Journal (after Chapter 4 is complete) 8. Pre-closing General Fund trial balance for 2023 (Chapter 4) 9. Pre-closing Govemmental Activities trial balance for 2023 (Chapter 4) 10. Revenues Ledger (Chapter 4) 11. Appropriations Ledger (Chapter 4) 12. Post-closing General Fund trial balance for 2023 (Chapter 4) 13. General Fund Operating Statement Account Balances for 2023 (Chapter 4) 14. General Fund Balance Sheet completed in Excel using the export method (Chapter 4) 15. General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance completed in Excel using the export method (Chapter 4) 16. General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance-Budget and Actual completed in Excel using the export method (Chapter 4) 17. Reconciliation of expenditures between items 15 and 16 above (Chapter 4) CITY OF BINGHAM General Fund Post-closing Trial Balance As of December 31,2022 Account Title Debits Credits Cash $742.125 Taxes Receivable-Delinquent 426.250 Allowance for Uncollectible Delinquent Taxes $36.231 Interest and Penalties Receivable on Taxes 28,772 Allowance for Uncollectible Interest and Penalties 2.589 Sales Taxes Receivable 14,132 Vouchers Payable Due to Other Funds Deferred Inflows of Resources Fund Balance-Committed-Public Safety 18,275 Fund Balance-Committed-Culture and Recreation 22,650 Account Title Debits Credits Cash Taves Receivable-Delinquent 426,250 Allowance for Uncollectible Delinquent Taxes $36,231 Interest and Penalties Receivable on Taxes 28.772 Allowance for Uncollectible interest and Penaties 2,589 Sales Taxes Receivabie 14,132 Vouchers Payable Due to Other Funds Deferred Inflows of Resources Fund Balance-Committed-Public Safety Fund Balance-Committed-Culture and Recreation Fund Balance-Assigned-Health and Welfare Fund Balance-Unassigned Totals 260,210 19,400 441,202 18,275 22,650 24,750 Totals $1,211,279 CITY OF BINGHAM Governmental Activities, Government-wide Level Post-closing Trial Balance As of December 31, 2022 Accumulated Depreciation-Infrastructure Bulidings Accumulated Depreciation-Buildings 11.520,000 Equipment 7,360,000 Accumulated Depreciation-Equipment Vouchers Payable Internal Payables to Business-type Activities Current Portion of Long-term Debt Serial Bonds Payable 2% Premium on Bonds Payable Deferred inflows of Resources Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service Net Position-Unrestricted Totals Chapter 3 Recording the Annual Budget The following budget for the General Fund oss the City of Bingham was legally adopted for the fiscal year ending December 31,2023 , \begin{tabular}{lr} Charges for Services & 385,000 \\ Miscellaneous Revenues & 220,000 \\ \hline Total Estimated Revenues & $10,619,500 \\ \hline \hline \end{tabular} Appropriations: \begin{tabular}{lr} General Government & $2,605,000 \\ Public Safety & 3,785,000 \\ Public Works & 1,795,000 \\ Health and Welfare & 1,165,000 \\ Culture and Recreation & 1,075,000 \\ Miscellaneous & 105,000 \\ \hline Total Appropriations & $10,530,000 \\ \hline \end{tabular} Estimated Other Financing Uses: Interfund Transfers Out $75,000 For each entry affecting budgetary accounts or operating statement accounts, the Detail Journal will automatically open to allow you to record the appropriate amounts in the detail budgetary or actual accounts, as was the case in Chapter 3. 1. [Para. 4-a-1] Property taxes were levied in the amount of $7,750,000. It is estimated that 1 percent of the tax will be uncollectible. Required: Record this transaction in both the General Fund and governmental activities journal. Record the tax levy as a revenue in both journals; you will adjust for unavailable revenues at year end. Type 4.a1 as the paragraph number in the [Add description] box for this entry; 4a2 for the next transaction, etc. Careful referencing by paragraph number is very helpful should you need to determine where you may have omitted a required journal entry or made an error. Select "Accrued Revenue" in the drop down [Description] menu in the Detail Journal related to the General Fund entry. 2. [Para. 4-a-2] Tax anticipation notes were issued in the amount of $500,000. Required: Record the issuance of this note in both the General Fund and governmental activities general joumals. 3. [Para. 4-a-3] Purchase orders, contracts, and other commitment documents were issued in the following amounts for the following functions: 3. [Para, 4-a-3] Purchase orders, gentracts, and other commitment documents were issued in the following amounts for the following functions: Required: Record the encumbrances in the General Fund general journal and Detail Journal as appropriate. In the Detail Journal, select "Purchase Orders" from the drop down [Description] menu. 4. [Para, 4-a-4] Grant funds of $25,000 recorded as Deferred Inflows of Resources at the end of FY 2022 were recognized as revenue when timing requirements were met. Required: Record the revenue in both the General Fund and governmental activities general journals by end of FY 2022. Required: Record the payment of this amount in both the General Fund and governmental activities general journals. [Para. 4-a-6] The General Fund collected the following receivable amounts in cash: Required: Record the receipt of cash and the related credits to receivables and revenues accounts, a applicable, in both the General Fund and governmental activities journals. Select "Received in Cash" "available" under the modified accrual basis of accounting and were classified as Deferred inflows of Resources in the General Fund.Select "Previous Deferral" in the drop down [Description] menu in the Detail Journal. 7. [Para. 4-a-7] The General Fund collected the following amounts in cash: Required: Record the receipt of cash and additions to revenues accounts, as applicable, in both the General Fund and governmental activities journals. Select "Received in Cash" in the drop down [Description] menu in the Detail Journal related to the General Fund revenue entries. For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue-Charges for Services. Fines and Complete the transactions/requirements for chapters 2-4 of the City of Bingham Long Version problem found at the Connect website, Post the following items to Blackboard in the order listed by the date due on the syllabus: 1. Post-closing General Iund trial balance for 2022 (Chapter 2) 2. Post-closing Govemmental Activities trial balance for 2022 (Chapter 2) 3. Revenues Ledger (Chapter 3) 4. Appropriations Ledger (Chapter 3) 5. Pre-closing General Fund trial balance for 2023 (Chapter 3) 6. General Fund General Joumal (after Chapter 4 is complete) 7. Governmental Activities General Journal (after Chapter 4 is complete) 8. Pre-closing General Fund trial balance for 2023 (Chapter 4) 9. Pre-closing Govemmental Activities trial balance for 2023 (Chapter 4) 10. Revenues Ledger (Chapter 4) 11. Appropriations Ledger (Chapter 4) 12. Post-closing General Fund trial balance for 2023 (Chapter 4) 13. General Fund Operating Statement Account Balances for 2023 (Chapter 4) 14. General Fund Balance Sheet completed in Excel using the export method (Chapter 4) 15. General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance completed in Excel using the export method (Chapter 4) 16. General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance-Budget and Actual completed in Excel using the export method (Chapter 4) 17. Reconciliation of expenditures between items 15 and 16 above (Chapter 4) CITY OF BINGHAM General Fund Post-closing Trial Balance As of December 31,2022 Account Title Debits Credits Cash $742.125 Taxes Receivable-Delinquent 426.250 Allowance for Uncollectible Delinquent Taxes $36.231 Interest and Penalties Receivable on Taxes 28,772 Allowance for Uncollectible Interest and Penalties 2.589 Sales Taxes Receivable 14,132 Vouchers Payable Due to Other Funds Deferred Inflows of Resources Fund Balance-Committed-Public Safety 18,275 Fund Balance-Committed-Culture and Recreation 22,650 Account Title Debits Credits Cash Taves Receivable-Delinquent 426,250 Allowance for Uncollectible Delinquent Taxes $36,231 Interest and Penalties Receivable on Taxes 28.772 Allowance for Uncollectible interest and Penaties 2,589 Sales Taxes Receivabie 14,132 Vouchers Payable Due to Other Funds Deferred Inflows of Resources Fund Balance-Committed-Public Safety Fund Balance-Committed-Culture and Recreation Fund Balance-Assigned-Health and Welfare Fund Balance-Unassigned Totals 260,210 19,400 441,202 18,275 22,650 24,750 Totals $1,211,279 CITY OF BINGHAM Governmental Activities, Government-wide Level Post-closing Trial Balance As of December 31, 2022 Accumulated Depreciation-Infrastructure Bulidings Accumulated Depreciation-Buildings 11.520,000 Equipment 7,360,000 Accumulated Depreciation-Equipment Vouchers Payable Internal Payables to Business-type Activities Current Portion of Long-term Debt Serial Bonds Payable 2% Premium on Bonds Payable Deferred inflows of Resources Net Position-Net Investment in Capital Assets Net Position-Restricted for Debt Service Net Position-Unrestricted Totals Chapter 3 Recording the Annual Budget The following budget for the General Fund oss the City of Bingham was legally adopted for the fiscal year ending December 31,2023 , \begin{tabular}{lr} Charges for Services & 385,000 \\ Miscellaneous Revenues & 220,000 \\ \hline Total Estimated Revenues & $10,619,500 \\ \hline \hline \end{tabular} Appropriations: \begin{tabular}{lr} General Government & $2,605,000 \\ Public Safety & 3,785,000 \\ Public Works & 1,795,000 \\ Health and Welfare & 1,165,000 \\ Culture and Recreation & 1,075,000 \\ Miscellaneous & 105,000 \\ \hline Total Appropriations & $10,530,000 \\ \hline \end{tabular} Estimated Other Financing Uses: Interfund Transfers Out $75,000 For each entry affecting budgetary accounts or operating statement accounts, the Detail Journal will automatically open to allow you to record the appropriate amounts in the detail budgetary or actual accounts, as was the case in Chapter 3. 1. [Para. 4-a-1] Property taxes were levied in the amount of $7,750,000. It is estimated that 1 percent of the tax will be uncollectible. Required: Record this transaction in both the General Fund and governmental activities journal. Record the tax levy as a revenue in both journals; you will adjust for unavailable revenues at year end. Type 4.a1 as the paragraph number in the [Add description] box for this entry; 4a2 for the next transaction, etc. Careful referencing by paragraph number is very helpful should you need to determine where you may have omitted a required journal entry or made an error. Select "Accrued Revenue" in the drop down [Description] menu in the Detail Journal related to the General Fund entry. 2. [Para. 4-a-2] Tax anticipation notes were issued in the amount of $500,000. Required: Record the issuance of this note in both the General Fund and governmental activities general joumals. 3. [Para. 4-a-3] Purchase orders, contracts, and other commitment documents were issued in the following amounts for the following functions: 3. [Para, 4-a-3] Purchase orders, gentracts, and other commitment documents were issued in the following amounts for the following functions: Required: Record the encumbrances in the General Fund general journal and Detail Journal as appropriate. In the Detail Journal, select "Purchase Orders" from the drop down [Description] menu. 4. [Para, 4-a-4] Grant funds of $25,000 recorded as Deferred Inflows of Resources at the end of FY 2022 were recognized as revenue when timing requirements were met. Required: Record the revenue in both the General Fund and governmental activities general journals by end of FY 2022. Required: Record the payment of this amount in both the General Fund and governmental activities general journals. [Para. 4-a-6] The General Fund collected the following receivable amounts in cash: Required: Record the receipt of cash and the related credits to receivables and revenues accounts, a applicable, in both the General Fund and governmental activities journals. Select "Received in Cash" "available" under the modified accrual basis of accounting and were classified as Deferred inflows of Resources in the General Fund.Select "Previous Deferral" in the drop down [Description] menu in the Detail Journal. 7. [Para. 4-a-7] The General Fund collected the following amounts in cash: Required: Record the receipt of cash and additions to revenues accounts, as applicable, in both the General Fund and governmental activities journals. Select "Received in Cash" in the drop down [Description] menu in the Detail Journal related to the General Fund revenue entries. For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue-Charges for Services. Fines and