Complete accounting cycle and financial statements The city council of E. Staatsboro approved the following budget for the General Fund for fiscal year 2019. Estimated Revenues 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 3,000 Total appropriations 383,000 Budgeted increase in Fund Balance $ 7,000 The postclosing trial balance for the fund, as of December 31, 2018, was as follows: Debits Credits $15,000 Cash Vouchers payable Fund balance $ 8,000 Debits Credits Cash 515.000 Vouchers payable $8,000 Fund balance (unassigned) 7.000 $15.000 $15.000 The following transactions and events occurred during FY 2019 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 percent per annum. 3. Ordered supplies expected to cost $18,000. 4. The supplies arrived, along with an invoice for 519,000; the city paid the invoice immediately S. Receved cash ($383,000) from the following sources: property taxes (5330,000), licenses and fees (538,000 fines and penalties ($15.000). 6. Pald cash for the following purposes: unpaid vouchers at the start of year (58,000), salaries (5.340,000); utility bills (511.000). 7. Repaid the tax anticipation notes 6 months after date of borrowing with interest 8. Processed a budgetary interchange, increasing the appropriation for supplies and utilities by 52,000 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 the first pay period in January 2020 also received in early January 2020 a utilities