4 Exercise 4-22 (Algo) Preparing Statements from Revenue and Appropriations Ledgers [LO4-1, 4-2, LO4- 3] The finance director for the City of Green Falls printed the General Fund Revenues and Appropriations Ledgers shown below for the year just ended. 12 REVENUES LEDGER Sints Est. Revenues Ref. Account Description Dr(Cr) Revenues Cr(Dr) Balance Dr(Cr) Estimated Revenues-Taxes-Real Property 102 Budget Authorization 6,702,400 6,702,400 103 Accrued Revenue 6,705,500 (3,100) eBook 104 Previous Deferral 109 Deferral 350,000 (313,500) (353,100) (39,600) 110 Budget Amendment 111 Closing entry 40,000 (6,742,400) 400 (6,742,000) References 112 Closing entry (6,742,000) 0 Estimated Revenues-Taxes-Sales 102 Budget Authorization 741,750 103 Received in Cash 715,600 110 Budget Amendment (25,450) 111 Closing Entry (716,300) 741,750 26,150 700 (715,600) 112 Closing Entry (715,600) 0 Estimated Revenues-Interest and Penalties on Taxes 102 Budget Authorization 47,050 104 Previous Deferral 22,300 110 Budget Amendment 111 Closing Entry (25,050) (22,000) 47,050 24,750 (300) (22,300) 112 Closing Entry (22,300) Estimated Revenues-Licenses and Permits 102 Budget Authorization 103 Received in Cash 111 Closing Entry 112 Closing Entry 466,250 (466,250) 460,050 (460,050) 466,250 6,200 (460,050) 0 Estimated Revenues-Fines and Forfeits 102 Budget Authorization 103 Received in Cash 111 Closing Entry 112 Closing Entry 494,250 498,550 (494,250) 494,250 (4,300) (498,550) (498,550) 0 Estimated Revenues-Intergovernmental Revenue 102 Budget Authorization 103 Previous Deferral 103 Received in Cash 513,250 29,000 513,250 484,250 494,250 (10,000) 110 Budget Amendment 111 Closing Entry 10,550 (523,800) 550 (523,250) 112 Closing Entry (523,250) 0 Estimated Revenues-Charges for Services 102 Budget Authorization 337,500 103 Received in Cash 348,450 110 Budget Amendment 10,450 111 Closing Entry (347,950) 337,500 (10,950) (500) (348,450) 112 Closing Entry (348,450) 0 Estimated Revenues-Miscellaneous Revenues 102 Budget Authorization 103 Received in Cash 111 Closing Entry 112 Closing Entry 214,000 220,675 (214,000) 214,000 (6,675) (220,675) (220,675) 0 APPROPRIATIONS LEDGER Enc. Ref. Account Description Increase Enc. Decrease Enc. Balance Exp. Dr(Cr) Exp. Balance Approp. Cr(Dr) Balance Cr(Dr) Appropriations-General Government 102 Budget Authorization 1,859,750 1,859,750 103 Purchase Orders 380,250 380,250 106 Payroll 1,474,876 1,474,876 1,479,500 4,624 107 Elimination 379,370 880 383,994 107 Goods Received 109 Utilities and Other 381,300 11,500 1,856,176 2,694 1,867,676 110 Budget Amendment 111 Closing Entry 112 Closing Entry (1,867,676) 10,500 (1,870,250) (1,868,556) 0 (880) (8,806) 1,694 102 103 Appropriations-Public Safety Budget Authorization Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 109 Utilities and Other 110 Budget Amendment 111 Closing Entry 112 Closing Entry 102 103 Appropriations-Public Works Budget Authorization Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 110 Budget Amendment 111 Closing Entry 112 Closing Entry 102 Appropriations-Health and Welfare Budget Authorization 3,541,250 1,045,250 1,045,250 2,452,144 2,452,144 1,039,900 5,350 1,040,000 39,500 3,492,144 3,531,644 (10,500) (3,530,750) 0 3,541,250 2,496,000 43,856 1,083,756 43,756 4,256 (6,244) (3,536,994) (3,531,644) (5,350) 1,734,750 1,734,750 941,460 941,460 793,290 924,170 17,290 807,981 923,990 807,981 (14,691) 1,731,971 909,479 (14,511) 10,500 (1,745,250) (4,011) (1,731,971) (1,749,261) (17,290) 1,061,750 1,061,750 103 106 107 107 Purchase Orders Payroll Elimination Goods received 111 Closing Entry 112 Closing Entry Appropriations-Culture and Recreation 102 Budget Authorization 103 Purchase Orders 106 Payroll 107 Elimination 107 Goods Received 111 Closing Entry 112 Closing Entry Appropriations-Miscellaneous 102 Budget Authorization 103 Purchase Orders 107 Elimination 107 Goods Received 109 Utilities and Other 111 Closing Entry 112 Closing Entry 637,385 637,385 424,773 424,773 637,385 636,855 (1,061,628) 1,061,628 424,365 (408) 636,977 122 (1,061,750) (1,061,628) 1,076,000 598,820 598,820 1,076,000 477,180 481,964 481,964 591,545 7,275 (4,784) 586,761 593,900 (1,075,864) 1,075,864 (7,139) (1,076,000) 0 (1,083,139) (7,275) 100,250 100,250 98,450 98,450 98,450 0 98,450 10,500 98,450 108,950 1,800 100,250 1,800 (8,700) (100,250) (108,950) (108,950) The beginning-of-the-year fund balance was $158,760. Estimated and actual Other Financing Uses-Interfund Transfers Out totaled $50,500. Required a. From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. b. What are the amounts of encumbrances outstanding at year-end? c. Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the City of Green Falls for the prior year. d. Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Show less From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund General Journal Debit Credit 1. Record from the ledger, the summary journal entries recorded to close the operating statement and budgetary accounts at the end of the year. 1 2 General Fund < Required A Required B > Required A Required B Required C Required D What are the amounts of encumbrances outstanding at year-end? CITY OF GREEN FALLS Encumbrances Ledger Encumbrances Encumbrances Encumbrances Account/Description Increase Dr Decrease Cr Balance Dr(Cr) General Government Public Safety Public Works Culture and Recreation < Required A Required C >