Debits	Credits
Cash			132,348
Taxes Receivable			47,220
Allowance for Uncollectible Taxes				1,570
Supplies			660
Deferred Inflows-Property Taxes				21,000
Wages Payable				900
Fund Balance				156,758
			180,228	180,228

1) The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000.

2) Encumbrances totaling $4,800 outstanding at December 31, 2016 were re-established.

3) The Deferred Inflows-Property Taxes at December 31, 2016 is recognized as revenue in 2017.

4) Property taxes in the amount of $290,000 were levied by the County. It is estimated 0.5% will be uncollectible.

5) Property tax collections totaled $263,400. Accounts totaling $1,020 were written off as uncollectible.

6) Encumbrances were issued for supplies in the amount of $37,100.

7) Supplies in the amount of $40,500 were received. Nassau County records supplies as an asset when acquired. The related encumbrances for these items totaled $41,000 and included the $4,800 encumbered last year. The County paid $37,800 on accounts payable related to these supplies during the year.

8) The County contracted to have alarm systems (capital assets) installed in the administration building at a cost of $46,000. The systems were installed and the amount was paid.

9) Paid wages totaling $135,900 including the amount payable at the end of 2016. (These were for general government operations.)

10) Paid other general government operating items of $7,600.

11) The General Fund transferred $43,000 to the debt service fund in anticipation of bond interest and principal payments.

12) Wages earned but unpaid at the end of the year totaled $1,050.

13) Supplies of $350 were on hand at the end of the year. (Supplies are used for general government operations.)

14) A review of property taxes receivable indicates that $22,000 of the outstanding balances would likely be collected more than 60 days after year-end and should be deferred.

a) Prepare journal entries to record the items described in #1-14 above. Classify expenditures in the General Fund as either General Government or Capital Outlay.

b) Post these entries to T-accounts.

c) Prepare closing journal entries; post to the T-accounts provided. Classify fund balances assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances.

d) Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the General Fund for the year ending 2017.

e) Prepare a Balance Sheet for the General Fund as of December 31, 2017.