Frisco City maintains four governmental-type funds: a General Fund, a Library Special Revenue Fund, a Capital Projects Fund, and a Debt Service Fund. Frisco City started its calendar year 2019 with the following General Fund balances. Debits Credits Cash $1,800,000 Property taxes receivable $ 800,000 Salaries payable $ 700.000 Deferred property tax revenues 300,000 Unassigned fund balance $1,600,000 Totals $2,600,000 $2,600,000 Frisco has adopted the following budgetary and accounting policies: Encumbrance accounting is used only for the acquisition of supplies and for the award of contracts for construction and construction-related activities. Open encumbrances lapse at the end of the year, but are considered in developing the next year's budget. Because final income tax returns are not required to be filed until April 15 of the year following the end of a calendar year, "available" for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year. Frisco allows its employees to accumulate unused vacation days and to receive cash for up to 30 days of unused vacation leave at retirement. Such payments are charged to the department's appropriation for salaries. All revenues received by the library from fines, donations, and fundraising events are credited to Revenues- Miscellaneous. ASSIGNMENT: Using your student template Excel spreadsheet do the following. Points will be lost if you do not follow instructions! 1. Download the spreadsheet and rename it with Your last name, Your first name, Frisco City 2. Post the opening balances in your T-accts under the General Fund tab in the spreadsheet. Please note that you do not add any T-socts to the spreadsheet. 3. Prepare the journal entries to record the following budgetary transactions applicable to the General Fund. Note in your spreadsheet, the upper left cell directs you to where you begin your journal entries. 4. Frisco City adopted the following General Fund budget for 2019. Revenues-property taxes $9.000,000 Revenues-personal income taxes 5,000,000 Revenues-intergovernmental 1,000,000 Revenues-recreation fees 600,000