details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund / Governmental Activities General Journal Debit Credit 1. The budget for FY 2023 provided for General Fund estimated revenues totaling $3,400,000, appropriations totaling $3, 130,000, and an other financing use-interfund transfer out of $217,000. 1 General Fund Estimated Revenues 3,400,000 Appropriations 3,130,000 Budgetary Fund Balance 53,000 Estimated Other Financing Uses 217,000 2. The city council authorized temporary borrowing of $630,000 in the form of a 120-day tax anticipation note obtained from a local bank. General Fund and Governmental Activities Cash 630,000 Tax Anticipation Notes Payable 630,000 3. The property tax levy for FY 2023 was recorded. Net assessed valuation of taxable property for the year was $48,500,000, and the tax rate was $5 per $100. It was estimated that 4 percent of the levy would be uncollectible. 3 General Fund Taxes Receivable-Current 2,425,000 Allowance for Uncollectible Current Taxes 97,000 Revenues 2,328,000 Governmental Activities Taxes Receivable-Current 2,425,000 Allowance for Uncollectible Current Taxes 97,000 Revenues 2,328,000 4. Purchase orders and contracts were issued to vendors and others in the amount of $2, 190,000. 4 General Fund Encumbrances 2,190,000 Encumbrances Outstanding 2, 190,000 Governmental Activities No Journal Entry Required12. Amounts due to the federal government as of June 30, 2023, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 12 General Fund Due to Federal Government 334,480 Due to State Government 35,700 Vouchers Payable 370,180 Governmental Activities Due to Federal Government 334,480 Due to State Government 35,700 Vouchers Payable 370,180 13. Purchase orders and contracts encumbered in the amount of $2, 118,040 were filled at a net cost of $2,117,570, which was vouchered. 13a General Fund Record the reversal of encumbrances entry of 2023. Encumbrances Outstanding 2,118,040 Encumbrances 2, 118,040 13b Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. Expenditures 2,117,570 Vouchers Payable 2, 117,570 13c Governmental Activities Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. Expenses 2, 117,570 Vouchers Payable 2, 117,57014. Vouchers payable totaling $2,431,660 were paid after deducting a credit for purchases discount of $9,330 (credit Expenditures). 14 General Fund Vouchers Payable 2,431,660 Cash 2,422,330 Expenditures 9,330 Governmental Activities Vouchers Payable 2,431,660 Cash 2,422,330 Expenses 9.330 15. The tax anticipation note of $630,000 was repaid. Interest totaled $11,300. 15 General Fund Tax Anticipation Notes Payable 630,000 Expenditures 11,300 Cash 641,300 Governmental Activities Tax Anticipation Notes Payable 630,000 Expenses 11,300 Cash 641,300 16. A transfer of $217,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. 16 General Fund Other Financing uses-Interfund Transfers Out 217,000 Cash 217,000 Governmental Activities No Journal Entry Required5. $2, 195,000 of current taxes, $396,270 of delinquent taxes, $21,870 of interest and penalties, and $24,000 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. Record the $2,195,000 of current taxes, $396,270 of delinquent taxes, and $21,870 of interest and penalties collected 5a General Fund Cash 2,637,140 Taxes Receivable-Current 2, 195,000 Taxes Receivable-Delinquent 396,270 Interest and Penalties Receivable 21,870 Sales Taxes Receivable 24,000 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end Deferred Inflows of Resources-Unavailable Revenues 418,140 Revenues 418,140 5c Governmental Activities Record the $2, 195,000 of current taxes, $396,270 of delinquent taxes, and $21,870 of interest and penalties collected. Cash 2,637,140 Taxes Receivable-Current 2, 195,000 Taxes Receivable-Delinquent 396,270 Interest and Penalties Receivable 21,870 Sales Taxes Receivable 24,000 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. No Journal Entry Required6. Additional interest and penalties on delinquent taxes were accrued in the amount of $39,730, of which 20 percent was estimated to be uncollectible. 6 General Fund Interest and Penalties Receivable 39,730 Allowance for Uncollectible Interest and Penalties 7,946 Revenues 31,784 Governmental Activities Interest and Penalties Receivable 39,730 Allowance for Uncollectible Interest and Penalties 7,946 Revenues 31,784 7. Because of a change in state law, the city was notified that it will receive $106,000 less in intergovernmental revenues than was budgeted. 7 General Fund Budgetary Fund Balance 106,000 Estimated Revenues 106,000 Governmental Activities No Journal Entry Required 8. Delinquent taxes of $14,092 were deemed uncollectible and written off. The associated interest and penalties of $1,082 also were written off. 8 General Fund Allowance for Uncollectible Delinquent Taxes 14,092 Allowance for Uncollectible Interest and Penalties 1,082 Taxes Receivable-Delinquent 14.092 Interest and Penalties Receivable 1,082 Governmental Activities Allowance for Uncollectible Delinquent Taxes 14,092 Allowance for Uncollectible Interest and Penalties 1,082 Taxes Receivable-Delinquent 14,092 Interest and Penalties Receivable 1,0829. Total payroll during the year was $949,490. Of that amount, $72,640 was withheld for employees' FICA tax liability, $116,710 for employees' federal income tax liability, and $35,700 for state taxes; the balance was paid to employees in cash. 9 General Fund Expenditures 949,490 Due to Federal Government 189,350 Due to State Government 35,700 Cash 724,440 Governmental Activities Expenses 949,490 Due to Federal Government 189,350 Due to State Government 35.700 Cash 724,440 10. The employer's FICA tax liability was recorded for $72,640. 10 General Fund Expenditures 72,640 Due to Federal Government 72,640 Governmental Activities Expenses 72,640 Due to Federal Government 72,640 11. Cash collections from sales taxes totaled $838,000 and from revenue sources other than taxes were $123,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $13,300. 11 General Fund Cash 961,000 Sales Taxes Receivable 13,300 Revenues 974,300 Governmental Activities | Cash 961,000 Sales Taxes Receivable 13,300 Revenues 974,300The City of Castleton's General Fund had the following postclosing trial balance at June 30, 2022, the end of its scal yea r: Debits Credits Cash 1. 455,888 Sales Taxes Receivable 24,888 Taxes ReceivabchDelinquent 595,888 Allowance for Uncollectible Delinquent Taxes $ 202,888 Interest and Penalties Receivable 2?,538 Allowance for Uncollectible Interest and Penalties 12,468 Inventory of Supplies 1?,488 Vouchers Payable 161,588 Due to Federal Government 12,498 Deferred Inflows of ResourcesUnavailable Revenues 456,888 Fund BalanceltlcrnspenclableInventorgrr of Supplies 1?,488 Fund BalanceUnassigned 209,138 $1, 139, 93:3 $1, 138, 93a 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 generaljournal 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. 0'. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2023. 17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles were transferred to 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 in the first 60 days of the next fiscal year. 17a General Fund Record the reclassification of the unpaid property taxes of current year. Taxes Receivable-Delinquent Taxes Receivable-Current 17b Record the reclassification of the related allowance for estimated uncollectible property taxes of current year. Allowance for Uncollectible Current Taxes 97,000 Allowance for Uncollectible Delinquent Taxes 97,000 17c Record the reclassification of the property tax revenue of current year. Revenues Deferred Inflows of Resources-Unavailable Revenues 17d Governmental Activities Record the reclassification of the unpaid property taxes of current year. Taxes Receivable-Delinquent Taxes Receivable-Current 17e Record the reclassification of the related allowance for estimated uncollectible property taxes of current year. Allowance for Uncollectible Current Taxes 97,000 Allowance for Uncollectible Delinquent Taxes 97,000 17f Record the reclassification of the property tax revenue of current year. No Journal Entry Required