1. Garden City has calculated that General Fund property tax revenues of $4,608,000 are required for the current fiscal year. Over the past several years, the city has collected 96 percent of all property taxes levied. The city levied property taxes in the amount that will generate the required $4,608,000. Which of the following general journal entries would correctly record the property tax levy?

Option	General Journal	Debit	Credit
a.	Taxes ReceivableCurrent	4,608,000
	Allowance for Uncollectible Current Taxes		184,320
	Revenues		4,423,680
b.	Taxes ReceivableCurrent	4,800,000
	Allowance for Uncollectible Current Taxes		192,000
	Revenues		4,608,000
c.	Taxes ReceivableCurrent	4,608,000
	Deferred Inflows of ResourcesProperty Taxes		184,320
	Revenues		4,423,680
d.	Taxes ReceivableCurrent	4,800,000
	Deferred Inflows of ResourcesProperty Taxes		192,000
	Revenues		4,608,000

Multiple Choice

Option A

Option B

Option C

Option D

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2. The finance director for the City of Green Falls printed the General Fund Revenues and Appropriations Ledgers shown below for the year just ended.

The beginning-of-the-year fund balance was $159,160. Estimated and actual Other Financing UsesInterfund Transfers Out totaled $50,900. Required

1. From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year.

2. What are the amounts of encumbrances outstanding at year-end?

3. Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the City of Green Falls for the prior year.

4. Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year.

\begin{tabular}{|c|c|c|c|c|} \hline Ref. & Account Description & \begin{tabular}{c} Est. Revenues \\ Dr(Cr) \end{tabular} & \begin{tabular}{l} Revenues \\ Cr(Dr) \end{tabular} & \begin{tabular}{l} Balance \\ Dr(Cr) \end{tabular} \\ \hline & Estimated Revenues-Taxes-Real Property & & & \\ \hline 102 & Budget Authorization & 6,902,400 & & 6,902,400 \\ \hline 103 & Accrued Revenue & & 6,905,900 & (3,500) \\ \hline 104 & Previous Deferral & & 354,000 & (357,500) \\ \hline 109 & Deferral & & (317,900) & (39,600) \\ \hline 110 & Budget Amendment & 40,000 & & 400 \\ \hline 111 & Closing entry & (6,942,400) & & (6,942,000) \\ \hline \multirow[t]{2}{*}{112} & Closing entry & & (6,942,000) & \\ \hline & Estimated Revenues-Taxes-Sales & & & \\ \hline 102 & Budget Authorization & 746,150 & & 746,150 \\ \hline 103 & Received in Cash & & 719,600 & 26,550 \\ \hline 110 & Budget Amendment & (25,810) & & 740 \\ \hline 111 & Closing Entry & (720,340) & & (719,600) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (719,600) & \\ \hline & Estimated Revenues-Interest and Penalties on Taxes & & & \\ \hline 102 & Budget Authorization & 47,450 & & 47,450 \\ \hline 104 & Previous Deferral & & 22,700 & 24,750 \\ \hline 110 & Budget Amendment & (25,090) & & (340) \\ \hline 111 & Closing Entry & (22,360) & & (22,700) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (22,700) & 0 \\ \hline & Estimated Revenues-Licenses and Permits & & & \\ \hline 102 & Budget Authorization & 470,650 & & 470,650 \\ \hline 103 & Received in Cash & & 464,050 & 6,600 \\ \hline 111 & Closing Entry & (470,650) & & (464,050) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (464,050) & \\ \hline & Estimated Revenues-Fines and Forfeits & & & \\ \hline 102 & Budget Authorization & 498,250 & & 498,250 \\ \hline 103 & Received in Cash & & 502,950 & (4,700) \\ \hline 111 & Closing Entry & (498,250) & & (502,950) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (502,950) & \\ \hline & Estimated Revenues-Intergovernmental Revenue & & & \\ \hline 102 & Budget Authorization & 517,250 & & 517,250 \\ \hline 103 & Previous Deferral & & 29,400 & 487,850 \\ \hline 103 & Received in Cash & & 498,250 & (10,400) \\ \hline 110 & Budget Amendment & 10,990 & & 590 \\ \hline 111 & Closing Entry & (528,240) & & (527,650) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (527,650) & 0 \\ \hline & Estimated Revenues-Charges for Services & & & \\ \hline 102 & Budget Authorization & 341,500 & & 341,500 \\ \hline 103 & Received in Cash & & 352,850 & (11,350) \\ \hline 110 & Budget Amendment & 10,810 & & (540) \\ \hline 111 & Closing Entry & (352,310) & & (352,850) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (352,850) & \\ \hline & Estimated Revenues-Miscellaneous Revenues & & & \\ \hline 102 & Budget Authorization & 218,000 & & 218,000 \\ \hline 103 & Received in Cash & & 225,075 & (7,075) \\ \hline 111 & Closing Entry & (218,000) & & (225,075) \\ \hline 112 & Closing Entry & & (225,075) & 0 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Ref. } & \multicolumn{8}{|c|}{ APPROPRIATIONS LEDGER } \\ \hline & Account Description & \begin{tabular}{l} Enc. \\ Increase \end{tabular} & \begin{tabular}{c} Enc. \\ Decrease \end{tabular} & \begin{tabular}{l} Enc. \\ Balance \end{tabular} & \begin{tabular}{l} Exp. \\ Dr(Cr) \end{tabular} & \begin{tabular}{c} Exp. \\ Balance \end{tabular} & \begin{tabular}{l} Approp. \\ Cr(Dr) \end{tabular} & \begin{tabular}{c} Balance \\ Cr(Dr) \end{tabular} \\ \hline & Appropriations-General Government & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,899,750 & 1,899,750 \\ \hline 103 & Purchase Orders & 384,250 & & 384,250 & & & & 1,515,500 \\ \hline 106 & Payroll & & & & 1,510,476 & 1,510,476 & & 5,024 \\ \hline 107 & Elimination & & 383,330 & 920 & & & & 388,354 \\ \hline 107 & Goods Received & & & & 385,300 & 1,895,776 & & 3,054 \\ \hline 109 & Utilities and Other & & & & 11,900 & 1,907,676 & & (8,846) \\ \hline 110 & Budget Amendment & & & & & & 10,900 & 2,054 \\ \hline 111 & Closing Entry & & & & & & (1,910,650) & (1,908,596) \\ \hline 112 & Closing Entry & & & & (1,907,676) & & & (920) \\ \hline & Appropriations-Public Safety & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 3,581,250 & 3,581,250 \\ \hline 103 & Purchase Orders & 1,049,250 & & 1,049,250 & & & & 2,532,000 \\ \hline 106 & Payroll & & & & 2,487,744 & 2,487,744 & & 44,256 \\ \hline 107 & Elimination & & 1,043,860 & 5,390 & & & & 1,088,116 \\ \hline 107 & Goods Received & & & & 1,044,000 & 3,531,744 & & 44,116 \\ \hline 109 & Utilities and Other & & & & 39,900 & 3,571,644 & & 4,216 \\ \hline 110 & Budget Amendment & & & & & & (10,900) & (6,684) \\ \hline 111 & Closing Entry & & & & & & (3,570,350) & (3,577,034) \\ \hline 112 & Closing Entry & & & & (3,571,644) & 0 & & (5,390) \\ \hline & Appropriations-Public Works & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,773,550 & 1,773,550 \\ \hline 103 & Purchase Orders & 945,460 & & 945,460 & & & & 828,090 \\ \hline 106 & Payroll & & & & 843,581 & 843,581 & & (15,491) \\ \hline 107 & Elimination & & 928,130 & 17,330 & & & & 912,639 \\ \hline 107 & Goods Received & & & & 927,990 & 1,771,571 & & (15,351) \\ \hline 110 & Budget Amendment & & & & & & 10,900 & (4,451) \\ \hline 111 & Closing Entry & & & & & & (1,784,450) & (1,788,901) \\ \hline 112 & Closing Entry & & & & (1,771,571) & 0 & & (17,330) \\ \hline & Appropriations-Health and Welfare & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,101,750 & 1,101,750 \\ \hline 103 & Purchase Orders & 641,345 & & 641,345 & & & & 460,405 \\ \hline 106 & Payroll & & & & 460,853 & 460,853 & & (448) \\ \hline 107 & Elimination & & 641,345 & 0 & & & & 640,897 \\ \hline 107 & Goods received & & & & 640,735 & 1,101,588 & & 162 \\ \hline 111 & Closing Entry & & & & & & (1,101,750) & (1,101,588) \\ \hline 112 & Closing Entry & & & & (1,101,588) & 0 & & 0 \\ \hline & Appropriations-Culture and Recreation & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,116,000 & 1,116,000 \\ \hline 103 & Purchase Orders & 602,780 & & 602,780 & & & & 513,220 \\ \hline 106 & Payroll & & & & 518,044 & 518,044 & & (4,824) \\ \hline 107 & Elimination & & 595,465 & 7,315 & & & & 590,641 \\ \hline 107 & Goods Received & & & & 597,820 & 1,115,864 & & (7,179) \\ \hline 111 & Closing Entry & & & & & & (1,116,000) & (1,123,179) \\ \hline 112 & Closing Entry & & & & (1,115,864) & 0 & & (7,315) \\ \hline & Appropriations-Miscellaneous & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 100,650 & 100,650 \\ \hline 103 & Purchase Orders & 98,810 & & 98,810 & & & & 1,840 \\ \hline 107 & Elimination & & 98,810 & 0 & & & & 100,650 \\ \hline 107 & Goods Received & & & & 98,810 & 98,810 & & 1,840 \\ \hline 109 & Utilities and other & & & & 10,900 & 109,710 & & (9,060) \\ \hline 111 & Closing Entry & & & & & & (100,650) & (109,710) \\ \hline 112 & Closing Entry & & & & (109,710) & 0 & & 0 \\ \hline \end{tabular} From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What are the amounts of encumbrances outstanding at year-end? Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the for the orior vear. Required A Required B Required C Required D Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year. Required C Required D \begin{tabular}{|c|c|c|c|c|} \hline Ref. & Account Description & \begin{tabular}{c} Est. Revenues \\ Dr(Cr) \end{tabular} & \begin{tabular}{l} Revenues \\ Cr(Dr) \end{tabular} & \begin{tabular}{l} Balance \\ Dr(Cr) \end{tabular} \\ \hline & Estimated Revenues-Taxes-Real Property & & & \\ \hline 102 & Budget Authorization & 6,902,400 & & 6,902,400 \\ \hline 103 & Accrued Revenue & & 6,905,900 & (3,500) \\ \hline 104 & Previous Deferral & & 354,000 & (357,500) \\ \hline 109 & Deferral & & (317,900) & (39,600) \\ \hline 110 & Budget Amendment & 40,000 & & 400 \\ \hline 111 & Closing entry & (6,942,400) & & (6,942,000) \\ \hline \multirow[t]{2}{*}{112} & Closing entry & & (6,942,000) & \\ \hline & Estimated Revenues-Taxes-Sales & & & \\ \hline 102 & Budget Authorization & 746,150 & & 746,150 \\ \hline 103 & Received in Cash & & 719,600 & 26,550 \\ \hline 110 & Budget Amendment & (25,810) & & 740 \\ \hline 111 & Closing Entry & (720,340) & & (719,600) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (719,600) & \\ \hline & Estimated Revenues-Interest and Penalties on Taxes & & & \\ \hline 102 & Budget Authorization & 47,450 & & 47,450 \\ \hline 104 & Previous Deferral & & 22,700 & 24,750 \\ \hline 110 & Budget Amendment & (25,090) & & (340) \\ \hline 111 & Closing Entry & (22,360) & & (22,700) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (22,700) & 0 \\ \hline & Estimated Revenues-Licenses and Permits & & & \\ \hline 102 & Budget Authorization & 470,650 & & 470,650 \\ \hline 103 & Received in Cash & & 464,050 & 6,600 \\ \hline 111 & Closing Entry & (470,650) & & (464,050) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (464,050) & \\ \hline & Estimated Revenues-Fines and Forfeits & & & \\ \hline 102 & Budget Authorization & 498,250 & & 498,250 \\ \hline 103 & Received in Cash & & 502,950 & (4,700) \\ \hline 111 & Closing Entry & (498,250) & & (502,950) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (502,950) & \\ \hline & Estimated Revenues-Intergovernmental Revenue & & & \\ \hline 102 & Budget Authorization & 517,250 & & 517,250 \\ \hline 103 & Previous Deferral & & 29,400 & 487,850 \\ \hline 103 & Received in Cash & & 498,250 & (10,400) \\ \hline 110 & Budget Amendment & 10,990 & & 590 \\ \hline 111 & Closing Entry & (528,240) & & (527,650) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (527,650) & 0 \\ \hline & Estimated Revenues-Charges for Services & & & \\ \hline 102 & Budget Authorization & 341,500 & & 341,500 \\ \hline 103 & Received in Cash & & 352,850 & (11,350) \\ \hline 110 & Budget Amendment & 10,810 & & (540) \\ \hline 111 & Closing Entry & (352,310) & & (352,850) \\ \hline \multirow[t]{2}{*}{112} & Closing Entry & & (352,850) & \\ \hline & Estimated Revenues-Miscellaneous Revenues & & & \\ \hline 102 & Budget Authorization & 218,000 & & 218,000 \\ \hline 103 & Received in Cash & & 225,075 & (7,075) \\ \hline 111 & Closing Entry & (218,000) & & (225,075) \\ \hline 112 & Closing Entry & & (225,075) & 0 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Ref. } & \multicolumn{8}{|c|}{ APPROPRIATIONS LEDGER } \\ \hline & Account Description & \begin{tabular}{l} Enc. \\ Increase \end{tabular} & \begin{tabular}{c} Enc. \\ Decrease \end{tabular} & \begin{tabular}{l} Enc. \\ Balance \end{tabular} & \begin{tabular}{l} Exp. \\ Dr(Cr) \end{tabular} & \begin{tabular}{c} Exp. \\ Balance \end{tabular} & \begin{tabular}{l} Approp. \\ Cr(Dr) \end{tabular} & \begin{tabular}{c} Balance \\ Cr(Dr) \end{tabular} \\ \hline & Appropriations-General Government & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,899,750 & 1,899,750 \\ \hline 103 & Purchase Orders & 384,250 & & 384,250 & & & & 1,515,500 \\ \hline 106 & Payroll & & & & 1,510,476 & 1,510,476 & & 5,024 \\ \hline 107 & Elimination & & 383,330 & 920 & & & & 388,354 \\ \hline 107 & Goods Received & & & & 385,300 & 1,895,776 & & 3,054 \\ \hline 109 & Utilities and Other & & & & 11,900 & 1,907,676 & & (8,846) \\ \hline 110 & Budget Amendment & & & & & & 10,900 & 2,054 \\ \hline 111 & Closing Entry & & & & & & (1,910,650) & (1,908,596) \\ \hline 112 & Closing Entry & & & & (1,907,676) & & & (920) \\ \hline & Appropriations-Public Safety & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 3,581,250 & 3,581,250 \\ \hline 103 & Purchase Orders & 1,049,250 & & 1,049,250 & & & & 2,532,000 \\ \hline 106 & Payroll & & & & 2,487,744 & 2,487,744 & & 44,256 \\ \hline 107 & Elimination & & 1,043,860 & 5,390 & & & & 1,088,116 \\ \hline 107 & Goods Received & & & & 1,044,000 & 3,531,744 & & 44,116 \\ \hline 109 & Utilities and Other & & & & 39,900 & 3,571,644 & & 4,216 \\ \hline 110 & Budget Amendment & & & & & & (10,900) & (6,684) \\ \hline 111 & Closing Entry & & & & & & (3,570,350) & (3,577,034) \\ \hline 112 & Closing Entry & & & & (3,571,644) & 0 & & (5,390) \\ \hline & Appropriations-Public Works & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,773,550 & 1,773,550 \\ \hline 103 & Purchase Orders & 945,460 & & 945,460 & & & & 828,090 \\ \hline 106 & Payroll & & & & 843,581 & 843,581 & & (15,491) \\ \hline 107 & Elimination & & 928,130 & 17,330 & & & & 912,639 \\ \hline 107 & Goods Received & & & & 927,990 & 1,771,571 & & (15,351) \\ \hline 110 & Budget Amendment & & & & & & 10,900 & (4,451) \\ \hline 111 & Closing Entry & & & & & & (1,784,450) & (1,788,901) \\ \hline 112 & Closing Entry & & & & (1,771,571) & 0 & & (17,330) \\ \hline & Appropriations-Health and Welfare & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,101,750 & 1,101,750 \\ \hline 103 & Purchase Orders & 641,345 & & 641,345 & & & & 460,405 \\ \hline 106 & Payroll & & & & 460,853 & 460,853 & & (448) \\ \hline 107 & Elimination & & 641,345 & 0 & & & & 640,897 \\ \hline 107 & Goods received & & & & 640,735 & 1,101,588 & & 162 \\ \hline 111 & Closing Entry & & & & & & (1,101,750) & (1,101,588) \\ \hline 112 & Closing Entry & & & & (1,101,588) & 0 & & 0 \\ \hline & Appropriations-Culture and Recreation & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 1,116,000 & 1,116,000 \\ \hline 103 & Purchase Orders & 602,780 & & 602,780 & & & & 513,220 \\ \hline 106 & Payroll & & & & 518,044 & 518,044 & & (4,824) \\ \hline 107 & Elimination & & 595,465 & 7,315 & & & & 590,641 \\ \hline 107 & Goods Received & & & & 597,820 & 1,115,864 & & (7,179) \\ \hline 111 & Closing Entry & & & & & & (1,116,000) & (1,123,179) \\ \hline 112 & Closing Entry & & & & (1,115,864) & 0 & & (7,315) \\ \hline & Appropriations-Miscellaneous & & & & & & & \\ \hline 102 & Budget Authorization & & & & & & 100,650 & 100,650 \\ \hline 103 & Purchase Orders & 98,810 & & 98,810 & & & & 1,840 \\ \hline 107 & Elimination & & 98,810 & 0 & & & & 100,650 \\ \hline 107 & Goods Received & & & & 98,810 & 98,810 & & 1,840 \\ \hline 109 & Utilities and other & & & & 10,900 & 109,710 & & (9,060) \\ \hline 111 & Closing Entry & & & & & & (100,650) & (109,710) \\ \hline 112 & Closing Entry & & & & (109,710) & 0 & & 0 \\ \hline \end{tabular} From the ledger detail, reproduce the summary journal entries recorded in the General Fund general journal to close the operating statement and budgetary accounts at the end of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) What are the amounts of encumbrances outstanding at year-end? Prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of the for the orior vear. Required A Required B Required C Required D Prepare a budgetary comparison schedule for the General Fund of the City of Green Falls for the prior year. Required C Required D