General Fund Entries (48 points) The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: S Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund 1,817,974 101,054 70,638 30,334 Total $ 2,020,000 $ Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund 1,637,084 137,423 9,095 181,897 Total 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that $181,797 of this amount would delinquent and $54,539 would be uncollectible. 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of $167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer. 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent on June 30, 2021. Required a. year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points) General Fund Entries (48 points) The following events occurred in the general fund of the City of Summerville during the fiscal year ended June 30, 2021. 1.) Had the following resource inflows and outflows in the operating budget: S Estimated Revenues Property Taxes Sales Taxes Licenses and Permits Estimated Transfer in from Special Revenue Fund 1,817,974 101,054 70,638 30,334 Total $ 2,020,000 $ Appropriations General Government Public Safety Sanitation Estimated Transfer out to Debt Service Fund 1,637,084 137,423 9,095 181,897 Total 1,965,500 2.) Property tax bills totaling $1,817,974 were mailed. It was estimated that $181,797 of this amount would delinquent and $54,539 would be uncollectible. 3.) Appropriations included outstanding purchase orders related to the year ended June 30, 2020 of $167,018. The City of Summerville uses the lapsing method of accounting for encumbrances. 4.) Cash receipts consist of property taxes of $1,781,614; sales tax $75,086, and license and permits, $38,300. The estimated uncollectibles balance was decreased to $21,816, and the remaining receivables and allowance were reclassified to delinquent at 5.) Received transfer in of $35,334 from the special revenue fund. Made transfer out of $181,897 to the debt service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer. 6.) Purchase orders were issued for $162,108 in addition to the acceptance of the outstanding purchase orders from 2020. No purchase orders were still outstanding at the end of 2021. Actual expenditures were $350,108. Vouchers of $348,087 were paid. 7.) Made a loan to an internal service fund for $20,021 on January 1, 2021. The loan was repaid with interest at 5 percent on June 30, 2021. Required a. year ended June 30, 2021. (43 points) b. Prepare the entry to close the basic budget journal entry. No further closing entries are required. (5 points)