10 State and Local Govemments: Introduction and General Fund s 1-40. 1. Estimated r 2. Fund balan 3. Appropriat 4. Estimated 5. Expenditu P10.5 General Fund-Corrections, Adjustments, and Financial Statements During the fiscal vo Pe reneral fund ending June 30, 2020, all transactions of Salleytown were recorded in the general fund due to the ine rience of the town's bookkeeper. The trial balance of Salleytown's general fund is as follows: tems 1-5 involv SALLEYTOWN General Fund Trial Balance June 30, 2020 Items 6-10 in uncollectible Debit Credit $ 16,800 40,000 6. Property 7. Bad debt 8. Allowan 9. Revenu 10. Estimat b. Taxes Accounts payable 30,000 S 50,000 520,000 382,000 520,000 Estimated revenues 11. Encum 12. Fund b 560,000 General property Bonds payable Fund balance-unassigned Totals c. Items 11-15 85,400 52,000 7,700 $1,137,700 $1,137,700 14. Acco 15. Purch .. _ . ... The following information is also available (in thousands: l. The accounts receivable of $11,500 includes $1,500 due from the town's water utility. Accounts for the municipal water utility operated by the town are maintained in a separate fund year 16. Enc 17. Fun 18. Exp 2. The balance in Taxes receivable-current is now considered delinquent, and the town estimates that $24,000 On June 30, 2020, the town retired, at face value, 6-percent general obligation serial bonds totaling S40.000. The bonds were issued on July 1, 2015, at face value of $200,000. Interest and principal paid during the year ended June 30, 2020, were charged to bonds payable. During the year, supplies totaling $128.000 were purchased and charged to expenditures. The town conducted a physical inventory of supplies on hand at June 30, 2020, and this physical count dis e. Items 2 entries closed that supplies of $84,000 were used. The purchases method is used and ending inventory is recognized. 5. Expenditures for the year ended June 30, 2020, included $11,200 applicable to purchase orders is sued in the prior year. Outstanding purchase orders at June 30, 2020, not recorded in the accounts 22. D amounted to $5,000. The legal budgetary basis is used. On June 28, 2020, the state revenue department informed the town that its share of a state-collected locally shared tax would be $34,000 7. During the year, equipment with a book value of $7,900 was removed from service and sold 54,600. In addition, Items for new equipment costing $90,000 was purchased. The transactions were recorded in general property 8. During the year, 100 acres of land were donated to the town for use as an industrial park. The had a value of $125,000. This donation was not recorded land a. Prepare the formal reclassification, adjusting, and closing journal entries for the general fund as of June 30,2020 b. Present, in good form, the general fund's statement of revenues, expenditures, and changes in fund 30 31 balances for the fiscal year ended June 30,2020 c. Present, in good form, the general fund's balance sheet for the fiscal year ended June 30, 2020 6 Comprehensive General Fund Review The Wayne City Council approved and adopted its 34 35 eral fund budget for 2020. The budget contained the following amounts Estimated revenues Appropriations Estimated transfers in. Estimated ton $70,000,000