3 The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes 1,817974 Sales Taxes 101,054 Licenses and Permits 70,638 Estimated Transfer in from Special Revenue Fund 30,334 S 8 Total S 2,020,000 10 11 12 13 14 15 16 17 18 19 20 Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund 1,637,084 137423 9,095 181 897 Total SA11.965 500 21 22 23 27 28 31 32 38 89 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that S181,197 of this amount would delinquent and S54,539 would be uncollectible 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of S167,018. The City of Summerville uses the lapsing method of accounting for encumbrances, 4) Cash receipts consist of property taxes of S1,781,614, sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at year-end 5) Received transfer in of $35,334 from the special revenue fund. Made transfer out of S181,897 to the debt service fund. For both of these transactions, record the interfund receivable payable before recording the cash transfer 6.) Purchase orders were issued for S162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of S348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent on June 30, 2021. Required a. Prepare journal entries for the general fund to record these transactions involving the City of Summerville for the year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget joumal entry. No further closing entries are required. (5 points) D Tree City of Stillwater Chart of Accounts CH MESTAY DALANE RED HERRIRODNEM MINANT ATHMINER MA DONATE GARIAN METRO VARME ry 20 23 2 Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries 0 1 2 3 4 5 6 3 The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes 1,817974 Sales Taxes 101,054 Licenses and Permits 70,638 Estimated Transfer in from Special Revenue Fund 30,334 S 8 Total S 2,020,000 10 11 12 13 14 15 16 17 18 19 20 Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund 1,637,084 137423 9,095 181 897 Total SA11.965 500 21 22 23 27 28 31 32 38 89 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that S181,197 of this amount would delinquent and S54,539 would be uncollectible 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of S167,018. The City of Summerville uses the lapsing method of accounting for encumbrances, 4) Cash receipts consist of property taxes of S1,781,614, sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at year-end 5) Received transfer in of $35,334 from the special revenue fund. Made transfer out of S181,897 to the debt service fund. For both of these transactions, record the interfund receivable payable before recording the cash transfer 6.) Purchase orders were issued for S162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of S348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent on June 30, 2021. Required a. Prepare journal entries for the general fund to record these transactions involving the City of Summerville for the year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget joumal entry. No further closing entries are required. (5 points) D Tree City of Stillwater Chart of Accounts CH MESTAY DALANE RED HERRIRODNEM MINANT ATHMINER MA DONATE GARIAN METRO VARME ry 20 23 2 Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries 0 1 2 3 4 5 6