for 3-c A it says to record the budget for Genral fund and post to ledger and part B says to record the budhey and post to ledger

Chapters 3 & 4 The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2016, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2017. CITY OF MONROE General Fund Balance She of December 31, 2016 Cash Taxes receivable Less: Estimated uncollectible taxes net Interest and penalties receivable on tay Less: Estimated uncollectible in net Due from state government Total assets 5497.000 $210.000 (37,000) 173.000 5.200 d penalties (950) 4,250 210,000 5884250 Inflows, and Fund Equity Liabilities. Deferred nflows, and Fund Liabilities: Accounts payable Due to other funds Total liabilities $ 99,000 27,000 126,000 21.000 Deferred inflows - Property taxes Fund equity: Fund balance-assigned (for outstanding encumbrances) Fund balance unassigned Total fund balance Total liabilities, deferred inflows and fund equit $17,000 720.250 737,250 5884.250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash Investments Due from state government Total assets Liabilities and Fund Equity Liabilities: Accounts payable Fund equity: Fund balance-assigned for streets and highways Total liabilities and fund equity $23,000 59,000 107,000 $189,000 $9,000 180,000 $189,000 roblem continues the General Fund and special revenue e recording and posting of the budgetary entries. To for the solution use control accounts for the budgetary es and encumbrances. Subsidiary accounts are not ortion of the continuous probl fund examples by requiring the educe clerical effort required for accounts, revenues, expenditure quired. Budget information for PC This portion of the on for the City includes: As of January 1, 2017, the ci calling for $11, 150,000 in prop ry Council approved and the mayor signed a budget operty tax and other revenue, $9,350,000 in and $1,700,000 to be transferred to two debt service ipal and interest. Record the budget for the General riations for expenditures, and appropriations to payment of principal and interest to be transfer150,000 in udget Fund and post to the ledger. 1) Also as of January 1, 2017, the for the Street and Highway Fung and Highway Fund that provided for ved and the mayor the City Council approved and the mayor signed a budget Fund that provided for estimated revenues from the cont nt of $1,068,000 and appropriations of SI government in the am the budget and post to the ledger This par This portion of the continuous pro -C fund examples by me effort required for the solution posting of tl Fund and oblem continues the General Fund and special revenue recording and posting of the budgetary entries. To for the solution use control accounts for the budgetary and encumbrances. Subsidiary accounts are not noles by requiring the recorda reduce cleevenues, expenditures and solution ussting of th Fund an accounts Budget information for the Chcumbranccontrol ac budgetary Special te aduce clerical effort required for ation for the City includes: As of January 1, 2017, the City calling for SIT,150,000 in pron As of January 150.000 in property tax and proved and the riations for expenditures, and $1.70 ity Council approved and the mayor signed a budget operty tax and other revenue, $9,350.000 in and $1,700,000 to be transferred to two debt service cipal and interest. Record the budget for the General appropriations for funds for the payment of princina Fund and post to the ledger. Also as of January 1, 2017, the for the Street and Highway government in the amount of $1 the budget and post to the ledger the City Council approved and the mayor signed a budget that provided for estimated revenues from the state of $1,068,000 and appropriations of $1,047.000. Record Darl I. General Fund Transactions 3-C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. 10 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: a) As of January 1, 2017, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,350,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. b) Also as of January 1, 2017, 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 $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger. CITY OF MONROE General Fund Balance She of December 31, 2016 Cash Taxes receivable Less: Estimated uncollectible taxes net Interest and penalties receivable on tay Less Estimated uncollectible interest and net Due from state government Total assets 173.000 5497.000 $210,000 (37,000) 5.200 est and penalties (950) 4.250 210,000 5884250 d Inflows and Fund Equity $ 99,000 Liabilities. Deferred Inflows, and Fund E Liabilities: Accounts payable Due to other funds Total liabilities 27,000 126,000 21.000 Deferred inflows - Property taxes Fund equity: Fund balance-assigned (for outstanding encumbrances) Fund balance unassigned Total fund balance Total liabilities, deferred inflows and fund equit $17,000 720.250 737,250 5884.250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash Investments Due from state government Total assets Liabilities and Fund Equity Liabilities: Accounts payable Fund equity: Fund balance-assigned for streets and highways Total liabilities and fund equity $23,000 59,000 107,000 $189,000 $9,000 180,000 $189,000 Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting, process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds General Special revenue-Street and Highway Fund Capital projects City Hall Annex Construction Fund Debt service City Jail Annex Debt Service Fund Debt service-City Hall Debt Service Fund Proprietary Funds Internal service Stores and Services Fund Enterprise-Water and Sewer Fund Fiduciary Funds Private-purpose Student Scholarship Fund Pension trust-Fire and Police Retirement Fund Chapters 3 & 4 The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2016, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2017. Chapters 3 & 4 The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2016, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2017. CITY OF MONROE General Fund Balance She of December 31, 2016 Cash Taxes receivable Less: Estimated uncollectible taxes net Interest and penalties receivable on tay Less: Estimated uncollectible in net Due from state government Total assets 5497.000 $210.000 (37,000) 173.000 5.200 d penalties (950) 4,250 210,000 5884250 Inflows, and Fund Equity Liabilities. Deferred nflows, and Fund Liabilities: Accounts payable Due to other funds Total liabilities $ 99,000 27,000 126,000 21.000 Deferred inflows - Property taxes Fund equity: Fund balance-assigned (for outstanding encumbrances) Fund balance unassigned Total fund balance Total liabilities, deferred inflows and fund equit $17,000 720.250 737,250 5884.250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash Investments Due from state government Total assets Liabilities and Fund Equity Liabilities: Accounts payable Fund equity: Fund balance-assigned for streets and highways Total liabilities and fund equity $23,000 59,000 107,000 $189,000 $9,000 180,000 $189,000 roblem continues the General Fund and special revenue e recording and posting of the budgetary entries. To for the solution use control accounts for the budgetary es and encumbrances. Subsidiary accounts are not ortion of the continuous probl fund examples by requiring the educe clerical effort required for accounts, revenues, expenditure quired. Budget information for PC This portion of the on for the City includes: As of January 1, 2017, the ci calling for $11, 150,000 in prop ry Council approved and the mayor signed a budget operty tax and other revenue, $9,350,000 in and $1,700,000 to be transferred to two debt service ipal and interest. Record the budget for the General riations for expenditures, and appropriations to payment of principal and interest to be transfer150,000 in udget Fund and post to the ledger. 1) Also as of January 1, 2017, the for the Street and Highway Fung and Highway Fund that provided for ved and the mayor the City Council approved and the mayor signed a budget Fund that provided for estimated revenues from the cont nt of $1,068,000 and appropriations of SI government in the am the budget and post to the ledger This par This portion of the continuous pro -C fund examples by me effort required for the solution posting of tl Fund and oblem continues the General Fund and special revenue recording and posting of the budgetary entries. To for the solution use control accounts for the budgetary and encumbrances. Subsidiary accounts are not noles by requiring the recorda reduce cleevenues, expenditures and solution ussting of th Fund an accounts Budget information for the Chcumbranccontrol ac budgetary Special te aduce clerical effort required for ation for the City includes: As of January 1, 2017, the City calling for SIT,150,000 in pron As of January 150.000 in property tax and proved and the riations for expenditures, and $1.70 ity Council approved and the mayor signed a budget operty tax and other revenue, $9,350.000 in and $1,700,000 to be transferred to two debt service cipal and interest. Record the budget for the General appropriations for funds for the payment of princina Fund and post to the ledger. Also as of January 1, 2017, the for the Street and Highway government in the amount of $1 the budget and post to the ledger the City Council approved and the mayor signed a budget that provided for estimated revenues from the state of $1,068,000 and appropriations of $1,047.000. Record Darl I. General Fund Transactions 3-C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. 10 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: a) As of January 1, 2017, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,350,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. b) Also as of January 1, 2017, 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 $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger. CITY OF MONROE General Fund Balance She of December 31, 2016 Cash Taxes receivable Less: Estimated uncollectible taxes net Interest and penalties receivable on tay Less Estimated uncollectible interest and net Due from state government Total assets 173.000 5497.000 $210,000 (37,000) 5.200 est and penalties (950) 4.250 210,000 5884250 d Inflows and Fund Equity $ 99,000 Liabilities. Deferred Inflows, and Fund E Liabilities: Accounts payable Due to other funds Total liabilities 27,000 126,000 21.000 Deferred inflows - Property taxes Fund equity: Fund balance-assigned (for outstanding encumbrances) Fund balance unassigned Total fund balance Total liabilities, deferred inflows and fund equit $17,000 720.250 737,250 5884.250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash Investments Due from state government Total assets Liabilities and Fund Equity Liabilities: Accounts payable Fund equity: Fund balance-assigned for streets and highways Total liabilities and fund equity $23,000 59,000 107,000 $189,000 $9,000 180,000 $189,000 Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting, process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds General Special revenue-Street and Highway Fund Capital projects City Hall Annex Construction Fund Debt service City Jail Annex Debt Service Fund Debt service-City Hall Debt Service Fund Proprietary Funds Internal service Stores and Services Fund Enterprise-Water and Sewer Fund Fiduciary Funds Private-purpose Student Scholarship Fund Pension trust-Fire and Police Retirement Fund Chapters 3 & 4 The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2016, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2017