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17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles were transferred to delinquent accounts. The
17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles were transferred to delinquent accounts. The City uses the 60 -day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal year. The City of Castleton's General Fund had the following post-closing trial balance at June 30,2022 , the end of its fiscal year: a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30 , 2023. b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. c. Prepare a General Fund balance sheet as of June 30, 2023. d. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30,2023. details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 5. $2,195,000 of current taxes, $396,270 of delinquent taxes, $21,870 of interest and penalties, and $24,000 of accrued sales taxes were collected. The 14. Vouchers payable totaling $2,431,660 were paid after deducting a credit for purchases discount of $9,330 (credit Expenditures). 16. A transfer of $217,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. \begin{tabular}{|l|l|l|l|l|l|} \hline 16 & General Fund & Other Financing uses-Interfund Transfers Out & 217,000 \\ \hline & & Cash & 217,000 \\ \hline & & & & \\ \hline & Governmental Activities & No Journal Entry Required & \\ \hline & & & \\ \hline \end{tabular} 17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles were transferred to delinquent accounts. The City uses the 60 -day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal year. The City of Castleton's General Fund had the following post-closing trial balance at June 30,2022 , the end of its fiscal year: a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30 , 2023. b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. c. Prepare a General Fund balance sheet as of June 30, 2023. d. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30,2023. details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 5. $2,195,000 of current taxes, $396,270 of delinquent taxes, $21,870 of interest and penalties, and $24,000 of accrued sales taxes were collected. The 14. Vouchers payable totaling $2,431,660 were paid after deducting a credit for purchases discount of $9,330 (credit Expenditures). 16. A transfer of $217,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. \begin{tabular}{|l|l|l|l|l|l|} \hline 16 & General Fund & Other Financing uses-Interfund Transfers Out & 217,000 \\ \hline & & Cash & 217,000 \\ \hline & & & & \\ \hline & Governmental Activities & No Journal Entry Required & \\ \hline & & & \\ \hline \end{tabular}
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