424 Operating Transactions, Special Topics, and Financial Statements. The City of Hinton's General Fund had the following post-closing trial balance at April 30, 2016, the end of its fiscal year: Debits Credits Cash $ 97,000 Taxes ReceivableDelinquent 583,000 Allowance for Uncollectible Delinquent Taxes $189,000 Interest and Penalties Receivable 26,280 Allowance for Uncollectible Interest and Penalties 11,160 Inventory of Supplies 16,100 Vouchers Payable 148,500 Due to Federal Government 59,490 Fund BalanceNonspendableInventory of Supplies 16,100 Fund BalanceUnassigned 298,130 $722,380 $722,380

During the year ended April 30, 2017, the following transactions, in summary form, with subsidiary ledger detail omitted, occurred: -The budget for FY 2017 provided for General Fund estimated revenues totaling $3,140,000 and appropriations totaling $3,100,000. -The city council authorized temporary borrowing of $500,000 in the form of a 120-day tax anticipation note. The loan was obtained from a local bank at a discount of 6 percent per annum (debit Expenditures for the discount in the General Fund journal and ExpensesGeneral Government in the governmental activities journal). -The property tax levy for FY 2017 was recorded. Net assessed valuation of taxable property for the year was $43,000,000, and the tax rate was $5 per $100. It was estimated that 3 percent of the levy would be uncollectible. -Purchase orders and contracts were issued to vendors and others in the amount of $2,060,000. -The County Board of Review discovered unassessed properties with a total taxable value of $500,000. The owners of these properties were charged with taxes at the city's General Fund rate of $5 per $100 assessed value. (You need not adjust the Allowance for Uncollectible Current Taxes account.) -$1,961,000 of current taxes, $383,270 of delinquent taxes, and $20,570 of interest and penalties were collected. -Additional interest and penalties on delinquent taxes were accrued in the amount of $38,430, of which 30 percent was estimated to be uncollectible. -Because of a change in state law, the city was notified that it will receive $80,000 less in intergovernmental revenues than was budgeted. -Total payroll during the year was $819,490. Of that amount, $62,690 was withheld for employees FICA tax liability, $103,710 for employees federal income tax liability, and $34,400 for state taxes; the balance was paid to employees in cash. -The employer's FICA tax liability was recorded for $62,690. -Revenues from sources other than taxes were collected in the amount of $947,000. -Amounts due the federal government as of April 30, 2017, and amounts due for FICA taxes, and state and federal withholding taxes during the year were vouchered. -Purchase orders and contracts encumbered in the amount of $1,988,040 were filled at a net cost of $1,987,570, which was vouchered. -Vouchers payable totaling $2,301,660 was paid after deducting a credit for purchases discount of $8,030 (credit Expenditures). -The tax anticipation note of $500,000 was repaid. -All unpaid current year's property taxes became delinquent. The balances of the current tax receivables and related uncollectibles were transferred to delinquent accounts. -A physical inventory of materials and supplies at April 30, 2017, showed a total of $19,100. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory system is used both in the General Fund and at the government-wide level. When inventory was purchased during the year, -Expenditures were debited in the General Fund journal and Expenses were debited in the governmental activities journal.)

-Post-closing trial balance at April 30, 2017, the end of its fiscal year for number 3 and 4:

Account Debit Credit Allowance for Uncollectible Interest and Penalties - Delinquent 22,689 Allowance for Uncollectible Taxes - Delinquent 253,500 Cash 486,520 Interest and Penalties on Taxes Interest and Penalties Receivable 44,140 Interest on Note Payable 10,000 Inventory of Supplies 19,100 Fund Balance - Nonspendable - Inventory of Supplies 19,100 Other (Expenditures) Other Sources (Revenue) Other (Expenditures) 1,979,540 Salaries and Wages 882,180 Taxes - Revenue 2,110,500 Taxes Receivable - Delinquent 413,730 Interest and Penalties on Taxes Revenue 26,901 Other Sources Revenue 947,000 Fund Balance - Unassigned 510,811 Vouchers Payable 157,390 Required -Record in general journal form the effect of the above transactions on the General Fund and governmental activities for the year ended April 30, 2017. Do not record subsidiary ledger debits and credits. -Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. -Prepare a General Fund balance sheet as of April 30, 2017 using information above. -Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended April 30, 2017 using information above. Do not prepare the government-wide financial statements.