\begin{tabular}{l|l|l|} \hline Required A & Required B \\ \hline \end{tabular} Prepare a General Fund balance sheet as of June 30, 2023. 13. Purchase orders and contracts encumbered in the amount of $2,188,040 were filled at a net cost of $2,187,570, which was vouchered. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. Avoid details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever req entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Exercise 4-27 (Algo) Operating Transactions and Financial Statements [LO 4-1, 4-2, 4-3] 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. \begin{tabular}{|c|c|c|c|} \hline Required A & Required B & Required C & Required D \\ \hline \multicolumn{4}{|c|}{ Prepare a General Fund statement of revenues, expendit } \\ \hline \multicolumn{4}{|c|}{ CITY OF CASTLETON } \\ \hline \multicolumn{4}{|c|}{ General Fund } \\ \hline \multicolumn{4}{|c|}{\begin{tabular}{c} Statement of Revenues, Expenditures, and Changes in Fund \\ Balance \end{tabular}} \\ \hline \multicolumn{4}{|c|}{ For the Year Ended June 30, 2023} \\ \hline \multicolumn{4}{|l|}{ Revenues } \\ \hline \multicolumn{4}{|l|}{ Taxes } \\ \hline \multicolumn{4}{|c|}{ Interest and Penalties on Taxes } \\ \hline \multicolumn{4}{|c|}{ Other Sources } \\ \hline \multicolumn{4}{|c|}{ Total Revenues } \\ \hline \multicolumn{4}{|l|}{ Expenditures } \\ \hline \multicolumn{4}{|c|}{ Salaries and Wages } \\ \hline \multicolumn{4}{|c|}{ Interest on Notes Payable } \\ \hline \multicolumn{4}{|l|}{ Other } \\ \hline \multicolumn{4}{|c|}{ Total Expenditures } \\ \hline \multicolumn{4}{|c|}{ Excess of Revenues over Expenditures } \\ \hline \multicolumn{4}{|c|}{ Other Financing Uses } \\ \hline \multicolumn{4}{|c|}{ Change In Fund Balance } \\ \hline \multicolumn{4}{|c|}{ Increase in Inventory of Supplies } \\ \hline \multicolumn{4}{|c|}{ Fund Balances, July 1, 2022} \\ \hline Fund Balances & June 30,2023 & & \\ \hline \end{tabular} 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,260,000. 4 \begin{tabular}{|l|l|} \hline General Fund \\ \hline Governmental Activities \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} 5. $2,325,000 of current taxes, $403,270 of delinquent taxes, $22,570 of interest and penalties, and $31,000 of accrued sales taxes were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end. \begin{tabular}{|l|l|l|} \hline 5a & General Fund & \begin{tabular}{l} Record the $2,325,000 of current taxes, $403,270 of delinquent taxes, and $22,570 of interest and penalties \\ collected. \end{tabular} \\ \hline & & \\ \hline \end{tabular} Governmental Activities 7. Because of a change in state law, the city was notified that it will receive $120,000 less in intergovernmental revenues than was budgeted. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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 n the first 60 days of the next fiscal year. 18. A physical inventory of materials and supplies at June 30,2023 , showed a total of $23,100. 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 Inventory of Supplies was debited in the governmental activities journal.) \begin{tabular}{|c|c|c|} \hline 5b & & \begin{tabular}{l} Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior \\ year-end. \end{tabular} \\ \hline & & \\ \hline & & \\ \hline 5c & Governmental Activities & \begin{tabular}{l} Record the $2,325,000 of current taxes, $403,270 of delinquent taxes, and $22,570 of interest and penalties \\ collected. \end{tabular} \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline 5d & & \begin{tabular}{l} Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior \\ year-end. \end{tabular} \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \multicolumn{3}{|c|}{ 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $40,430, of which 20 percent was estimated to be uncollectible. } \\ \hline 6 & General Fund & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}