General Fund Entries (41 points) The following events occurred in the general fund of the City of Stillwater during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Licenses and Permits Fines Fees and rentals Other miscellaneous rental Estimated Transfer in S 10,955,848 89,796 282,582 397,302 822.458 4,818,600 Total S17366,586 S Appropriations General government Public Safety Recreation and culture Financial administration Streets and sewers Health and welfare Estimated Transfer out 4,282,298 6,413,788 1,260,994 214,030 1,236,389 322,028 5,047,651 3 S18-227 378 Total 2) Had appropriations including encumbrances related to the year ended June 30, 2020. The City of Stillwater uses the lapsing method of accounting for encumbrances Outstanding encumbraces at June 30, 2020 $ 201,268 3.) Leviod property tax and had estimated uncollectibles Levied property tax: $ 10,955,848 Estimated uncollectibles: $ 1.095,585 4) Collected property taxes. The estimated uncollectibles balance was decreased, and the remaining receivables and allowance were reclassified to delinquent at year-end Collected property tax: $ 10,079,380 5 Decreased the estimated uncollectibles balance to: S 876,468 7 5.) Received a transfer in from the enterprise fund. Record the interfund receivable/payable before recording the cash transfer. B 9 Transfer in from the enterprise funds 4,818,600 0 6.) Transferred cash to an internal service fund for the payment of self-insurance premiums, -1 Transfer out to the internal service funds 5,047,651 12 7.) Purbase orders were issued for in addition to the acceptance of the outstanding purchase orders from 2020. There were no encumbrances 93 outstanding st June 30, 2021. Vouchers were paid 54 Purchase orders issued in addition to the acceptance of the 191,204 outstanding purchase orders from 2020 45 402,335 Actual Expenditures 5 46 Vouchers palds 400,523 -47 48 quired 49 3. Prepare joumal entries for the general fund to record these transactions involving the City of Stillwater for the year ended June 30, 2021. (36 points) Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Part 3: General Fund Requirement 1: Prepare journal entries for the general fund to record these transactions involving the City of Stillwater for the year coded June 30, 2021. (36 points) Transaction Entries Cath Propety Tax Receivable-cumont Property Tax Receivable delinquen Allowance for Uncollectible Tato Allowance for collectible Tones Due From Fund Due To Fundo Vouchers Payable Fund Balce. Used Fund Balance Ansignad for En Property To Revenue Revenge Sales Tax 2 3 1 5 6 7 8 9 0 2 23 24 25 26 27 28 29 Cash Property Tax Receivable - current Property Tax Roceivable - delinquent Allowance for Uncollectible Taxes - current Allowance for Uncollectible Taxes - delinquent Due From Fund Due To Fund Vouchers Payable Fund Balance - Unassigned Fund Balance - Assigned for Encumbrances Property Tax Revenue Revenue - Sales Tax City of Stillwater Chart of Accounts Revenue - License and Permits Other Financing Sources - Transfer in from Other Financing Uses Transfer out to Expenditures BUDGETARY FUND BALANCE - UNASSIGNED BUDGETARTY FUND BALANCE - ASSIGNED FOR ENCUMBRANCES APPROPRIATIONS CONTROL ENCUMBRANCES ESTIMATED OTHER FINANCING SOURCES - TRANSFER IN ESTIMATED OTHER FINANCING USES - TRANSFER OUT ESTIMATED REVENUE CONTROL Part 3: General Fund Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries 0 1 2 3 4 5 6 7 10 General Fund Entries (41 points) The following events occurred in the general fund of the City of Stillwater during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: Estimated Revenues Property Taxes Licenses and Permits Fines Fees and rentals Other miscellaneous rental Estimated Transfer in S 10,955,848 89,796 282,582 397,302 822.458 4,818,600 Total S17366,586 S Appropriations General government Public Safety Recreation and culture Financial administration Streets and sewers Health and welfare Estimated Transfer out 4,282,298 6,413,788 1,260,994 214,030 1,236,389 322,028 5,047,651 3 S18-227 378 Total 2) Had appropriations including encumbrances related to the year ended June 30, 2020. The City of Stillwater uses the lapsing method of accounting for encumbrances Outstanding encumbraces at June 30, 2020 $ 201,268 3.) Leviod property tax and had estimated uncollectibles Levied property tax: $ 10,955,848 Estimated uncollectibles: $ 1.095,585 4) Collected property taxes. The estimated uncollectibles balance was decreased, and the remaining receivables and allowance were reclassified to delinquent at year-end Collected property tax: $ 10,079,380 5 Decreased the estimated uncollectibles balance to: S 876,468 7 5.) Received a transfer in from the enterprise fund. Record the interfund receivable/payable before recording the cash transfer. B 9 Transfer in from the enterprise funds 4,818,600 0 6.) Transferred cash to an internal service fund for the payment of self-insurance premiums, -1 Transfer out to the internal service funds 5,047,651 12 7.) Purbase orders were issued for in addition to the acceptance of the outstanding purchase orders from 2020. There were no encumbrances 93 outstanding st June 30, 2021. Vouchers were paid 54 Purchase orders issued in addition to the acceptance of the 191,204 outstanding purchase orders from 2020 45 402,335 Actual Expenditures 5 46 Vouchers palds 400,523 -47 48 quired 49 3. Prepare joumal entries for the general fund to record these transactions involving the City of Stillwater for the year ended June 30, 2021. (36 points) Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Part 3: General Fund Requirement 1: Prepare journal entries for the general fund to record these transactions involving the City of Stillwater for the year coded June 30, 2021. (36 points) Transaction Entries Cath Propety Tax Receivable-cumont Property Tax Receivable delinquen Allowance for Uncollectible Tato Allowance for collectible Tones Due From Fund Due To Fundo Vouchers Payable Fund Balce. Used Fund Balance Ansignad for En Property To Revenue Revenge Sales Tax 2 3 1 5 6 7 8 9 0 2 23 24 25 26 27 28 29 Cash Property Tax Receivable - current Property Tax Roceivable - delinquent Allowance for Uncollectible Taxes - current Allowance for Uncollectible Taxes - delinquent Due From Fund Due To Fund Vouchers Payable Fund Balance - Unassigned Fund Balance - Assigned for Encumbrances Property Tax Revenue Revenue - Sales Tax City of Stillwater Chart of Accounts Revenue - License and Permits Other Financing Sources - Transfer in from Other Financing Uses Transfer out to Expenditures BUDGETARY FUND BALANCE - UNASSIGNED BUDGETARTY FUND BALANCE - ASSIGNED FOR ENCUMBRANCES APPROPRIATIONS CONTROL ENCUMBRANCES ESTIMATED OTHER FINANCING SOURCES - TRANSFER IN ESTIMATED OTHER FINANCING USES - TRANSFER OUT ESTIMATED REVENUE CONTROL Part 3: General Fund Requirement 2: Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) Closing Entries 0 1 2 3 4 5 6 7 10