BusinessCourse Return to course Property taxes $335,000 License fees 40,000 Fines and penalties 15,000 Total revenues $390.000 Appropriations Salaries 350,000 Supplies and utilities 30,000 Debt service interest 3,000 Total appropriations 383.000 $7.000 Budgeted Increase in Fund Balance The postclosing trial balance for the fund, as of December 31, 2021, was as follows; Trial Balance December 31, 2021 Cash Vouchers payable Fund balance (unassigned) Debits Credits $15,000 $8,000 7,000 $15,000 $15,000 The following transactions and events occurred during FY 2022 1. Levied property taxes of $335,000 and mailed tax bills to property owners. 2. Borrowed $300,000 on tax anticipation notes at an interest rate of 1 3. Ordered supplies expected to cost $18,000. 4. The supplies arrived, along with an invoice for $19,000; the city paid the invoice immediately 5. Received cash ($383,000) from the following sources: property taxes ($330,000) licenses and fees ($38,000), fines and penalties ($15,000) 6. Paid cash for the following purposes: unpaid vouchers at the start of year ($8,000); salaries (340,000): utility bills ($11,000). 7. Repaid the tax anticipation notes 6 months after date of borrowing (see #2), with interest. 8. Processed a budgetary interchange. Increasing the appropriation for supplies and unlines by $2.000 and reducing the appropriation for salaries by the same amount 9. Will pay salaries for the last few days in December, amounting to $2.000, at the end of me first pay period in January 2023: also, received in early January 2023 a utilities invoice for $1,000 applicable to December 2022 The city uses the account, Accrued expenditures payable, for all year-end accruals Use the preceding information to do the following all Prepare journal entries to record the budget and the listed transactions and events if an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest Type here to search HOME Dedit Credit 335,000 0 40,000 0 15,000 0 0 350,000 0 30,000 3,000 D 7,000 335,000 O 300.000 0 0 335.000 0 300,000 v 18.000 O 18.000 BusinessCourse Account Estimated revenues-property taxes Estimated revenues-licenses and fees Estimated revenues-fines and penalties Appropriations-salaries Appropriations-supplies and utilities Appropriations-debt service interest Budgetary fund balance To record approved budget Property taxes receivable Revenues-property taxes To record property tax levy, Cash Tax anticipation notes payable To record tax anticipation notes Encumbrances-supplies and utilities Return to course Budgetary fund balance reserved for encumbrances To record order of supplies Budgetary fund balance reserved for encumbrances Encumbrances-supplies and utilities To record receipt of supolles Expenditures-supplies and utilities Vouchers payable To record sooles voucher Vouchers payable Cash To record oment of succes voucher Cash Property taxes receivable Revenues-licenses and fees Revenues-fines and penalties To record collection of taxes licenses and fines Vouchers payable Expenditures-salaries Expenditures-supplies and utlines Cach < < > > < < < < < < To resont axments of so your youters elatis and stitchits Taxancopation notes payable Expenditures-debt service intere Call Type here to search T Hami 18000 O D 18,000 19.000 0 19.000 19,000 0 19.000 383,000 0 330,000 . 38.000 O 15.000 8,000 9 340.000 0 11,000 0 359.000 300000 1.500 301,500 2.000 BusinessCourse Appropriations salaries Appropriations-supplies and utilities To record budgetary interchange Expenditures-salaries Expenditures-supplies and utilities Accrued expenditures payable To record end of year accruals, b) Prepare a preclosing trial balance. Return to course 2,000 0 2.000 v 2,000 O 1,000 0 0 3,000 Enter the budgetary accounts in order of magnitude (largest to smallest amounts), debits first. Enter the financial accounts in the following order: assets, liabilities, fund balance, revenues, expenditures. Within each category, enter accounts in order of magnitude (largest to smallest amounts). E. Staatsboro General Fund Pre-closing Trial Balance December 31, 2022 Budgetary accounts Budgetary fund balance Financial accounts Totals 5 = 05 0 0 0 o = = 0 = 0 = = = S ooooooooOOOOOOOOOO 9 O O 0 0 0 05 Prepare a balance sheet; a statement of revenues, expenditures, and changes in fund balance, and a budgetary comparison sched (Make sure you consider transaction #8 when you prepare the budgetary comparison schedule.) Enter revenues and expenditures in order of magnitude (largest to smallest amounts). Type here to search BusinessCourse Totals Return to course 05 0 c) Prepare a balance sheet; a statement of revenues, expenditures, and changes in fund balance; and a budgetary comparison schedule. (Make sure you consider transaction #8 when you prepare the budgetary comparison schedule.) Enter revenues and expenditures in order of magnitude (largest to smallest amounts). Assets Cash E. Staatsboro General Fund Balance Sheet December 31, 2022 O = Total assets $ 0 Labilities = Total liabilities $ Fund Balance Total abites and fund balance 5 Revenue E. Staatsboro General Fund Statement of Revenues, Expenditures. and Changes in Fund Balance For the Year Ended December 31, 2022 Expenditures 05 0 0 O 3. O Excess of revenues over expenditures and net change in fund balance Type here to search D HAMI = D # D Business Course Revenues Return to course E. Staatsboro General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2022 + 5 0 OOO 0 S Expenditures 0 0 0 Excess of revenues over expenditures and net change in fund balance Fund balance at end of year 0 O $ 0 E. Staatsboro General Fund Budgetary Comparison Schedule For the Year Ended December 31, 2022 Original Budget Final Budget Actual Variance Revenues 0 5 05 05 05 o O = Expenditures = 0 = 0 0 0 0 0000 0000 D Does of revenues over expenditures and net change in funds Type here to search D'HOMI 4 BusinessCourse Revenues: Return to course Budget Budget Actual Variance S 0 $ 05 05 0 0 0 0 4 0 0 0 0 0 0 000 Expenditures = 0 0 0 0 = 0 0 0 0 P 0 0 0 0 0 0 0 0 Excess of revenues over expenditures and net i change in fund balance Fund balance at end of year 5 000 0 0 0 0 05 05 05 000 d) Prepare closing journal entries. If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Enter 0 or leave the field blank if no entry is required. Account To dose budgetary.accounts To dite foanci Debit Credit 0 O O O 0 0 D OOOOOOO ooooooo