CITY OF MONROE Street and Highway und balance sheet As of December 31, 2019 Assets Cash Investments Due tron state government Total assets Liabilities and und quity Liabilities ecosts payable und equity: rund balance- aged for streets and highway Total liabilities and fund equity $ 19,000 63,000 107.000 $189,000 $ 10,000 179.000 $189.000 3C. This portion of the continuous problem continues the special revenue fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: Also as of January 1 2020, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1068,000 and appropriations of $1,057,000. Record the budget and post to the ledger --C. Part 2. Special Revenue Fund Transactions Required: Record journal entries for the following transactions for FY 2020 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary. (Make entries directly to individual revenue and expenditure accounts). 2. The state government notified the City that $1,067,500 will be available for street and highway maintenance during 2020 1.e. the Cy has met eligibility requirements. The funds are not considered reimbursement-type as defined by GASB standards Cash in the total amount of $997000 was received from the state government Contracts, all eligible for payment from the Street and Highway Fund, were signed in the amount of $1,062.000 Contractual services (see transaction 3) were received, the related contracts amounted to $1,042,000. Invoices amounting to 31040.500 for these items were approved for payment. The goods and services all were for street and highway maintenance Investment revenue of $1.900 was earned and received My Accounts payable were paid in the amount of $987000 Al Qured Legal steps were accomplished to increase appropriations in the amount of $4,500. Prepare and post the necessary closing entries for the Street and Highway Fund creatment of Revenues. Expenditures, and Changes in Fund Balances for the Street and Highway Fund for the focal year nded December 21, 2020 de Bence Sheet for the Street and Highway Fund as of December 31, 2020. Assume any unexpended net resources are ed esected Fund Balance Complete the then by entering your answers in the tabs below. Balance Sheet Perry for the Street and we und entry requred for a transaction/event that CITY OF MONROE Street and Highway und balance sheet As of December 31, 2019 Assets Cash Investments Due tron state government Total assets Liabilities and und quity Liabilities ecosts payable und equity: rund balance- aged for streets and highway Total liabilities and fund equity $ 19,000 63,000 107.000 $189,000 $ 10,000 179.000 $189.000 3C. This portion of the continuous problem continues the special revenue fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: Also as of January 1 2020, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1068,000 and appropriations of $1,057,000. Record the budget and post to the ledger --C. Part 2. Special Revenue Fund Transactions Required: Record journal entries for the following transactions for FY 2020 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary. (Make entries directly to individual revenue and expenditure accounts). 2. The state government notified the City that $1,067,500 will be available for street and highway maintenance during 2020 1.e. the Cy has met eligibility requirements. The funds are not considered reimbursement-type as defined by GASB standards Cash in the total amount of $997000 was received from the state government Contracts, all eligible for payment from the Street and Highway Fund, were signed in the amount of $1,062.000 Contractual services (see transaction 3) were received, the related contracts amounted to $1,042,000. Invoices amounting to 31040.500 for these items were approved for payment. The goods and services all were for street and highway maintenance Investment revenue of $1.900 was earned and received My Accounts payable were paid in the amount of $987000 Al Qured Legal steps were accomplished to increase appropriations in the amount of $4,500. Prepare and post the necessary closing entries for the Street and Highway Fund creatment of Revenues. Expenditures, and Changes in Fund Balances for the Street and Highway Fund for the focal year nded December 21, 2020 de Bence Sheet for the Street and Highway Fund as of December 31, 2020. Assume any unexpended net resources are ed esected Fund Balance Complete the then by entering your answers in the tabs below. Balance Sheet Perry for the Street and we und entry requred for a transaction/event that