Gold City was organized January 1, 2006 and adopted the following accounting procedures for its General Fund: . All transactions of $1,000 or more with non-City entities, which will not be paid within 30 days, must be encumbered. All transactions with outside (non-City) entities must be processed through the voucher system. Budgets will be entered into the accounts. The City's fiscal year will be the calendar year. The city will take maximum advantage of discounts offered; otherwise, the city will pay its bills on the dates due. Required: Prepare Gold City's General Fund (GF) (only) general ledger control account journal entries, in professional form, for the independent events (unless otherwise noted) shown on each of the following dates. Note carefully the date when money actually moves. Use account titles used in the Lecture Notes. Do not abbreviate. Reference each journal entry to the corresponding typical journal entry listed in the Lecture Notes for the General Fund topic (e.g. 1/1/11 transaction below deals with "recording the budget" and therefore corresponds to journal entry "a." in the Lecture Notes). 1/1/11 2/1/11 2/15/11 3/1/11 City Council approved a revenue budget of $75,000 and an appropriation budget of $45,000 for 2011. It planned that a Capital Projects Fund would be started and completed during the year, and estimated that $1,000 would be returned to the GF from this closed project. It planned that $10,000 would be used to establish a new Internal Service Fund. Purchased supplies from a local vendor for $500 cash. (2) GF borrowed $60,000 at 7% interest, short-term, from the Enterprise Fund. Issued purchase order to Ford Motor Company for police car ($6,000) and fire engine ($7,000); estimated delivery date is 11/1/11. Collected traffic fines of $125. GF received a bill, authorized payment, and paid attorney fees of $600, $150 of which is the responsibility of the Capital Projects Fund. GF billed the Capital Projects Fund for its $150 share. (3) GF received $150 check from Capital Projects Fund for 3/20/11 billing. 3/15/11 3/20/11 3/30/11 4/1/11 4/20/11 4/30/11 5/1/11 5/10/11 5/20/11 5/29/11 5/30/11 6/15/11 Approved payment of $2,000 to Debt Service Fund from general tax revenue to assist in repaying bond indebtedness. Sent check for $2,000 to Debt Service Fund (approved on 4/1/11). Recorded and paid salaries of $3,500 (ignore withholding taxes and employer's contribution to social security). (2) Borrowed $10,000 on a short-term tax anticipation note from City National Bank (a non-City entity) at 12% interest. Received a billing of $1,500 from the city's Internal Service Fund for computer services rendered during April 2011. Approved 5/10/11 billing from Internal Service Fund for payment. Sent $1,500 check which had been approved for payment on 5/20/11 to Internal Service Fund Sold a truck for $800 which GF had purchased new on 6/1/06 for $8,000. Made payment of $3,200 for use of machinery that had been acquired under a short-term lease. (2) Recorded the liability, and paid salaries of $2,750 for the current period (ignore withholding and employer's share of social security). (2) Mailed proper tax bills for $30,000 to property owners; the Controller estimated that 2.5% would be uncollectible. Received approval to establish a new fund, and sent $9,000 check for that purpose to the new Gold City Parking Fund, an Enterprise Fund. Received $3,500 to close a Capital Projects Fund, started in 2010, which had completed constructed of an addition to the City Municipal Building. Received $20,000 cash as payments of property taxes. Repaid short-term loan from Enterprise Fund with interest (see 2/15/11). Repaid 5/1/11 short-term borrowing from City National Bank with interest. (2) Bought a computer (general fixed asset) for GF use for $4,900; mailed check to vendor the same day. (2) 6/30/11 7/1/11 8/1/11 8/15/11 9/1/11 9/14/11 9/30/11 10/15/11 11/1/11 11/15/11 12/29/11 Received police car, ordered 3/1/11, from Ford Motor Company. Invoice was $5,900, payable by 11/15/11. Invoice was approved for payment. (2) Mailed $5,900 check to Ford Motor Company for police car received 11/1/11. City Council directed write off of $50 of current property taxes as uncollectible. 12/30/11 12/31/11 12/31/11 Police car received 11/1/11 was wrecked in a high speed chase, and sold to a local scrap dealer for $600 cash. Recorded $1,100 of supplies on hand at year-end, using the purchase method. As of 12/30/11, $0 supplies had been recorded as being on hand. Supplies costing more than $1,100 had been purchased during the year. Made closing entries. (Do not use any data from above transactions, except for 1/1/11 data, to close accounts. Assume pre-closing, year-end account balances were: Encumbrances =$7,500 Dr.; Expenditures = $46,000 Dr.; Fund balance reserved for encumbrances = $7,500 Cr.; Other financing uses - operating transfers out = $4,000 Dr.; Residual equity transfers in = $2,000 Cr.; Revenue = $56,000 Cr.) (3) Received fire engine ordered from Ford Motor Company on 3/1/11. Invoice was $7,100, payable by 1/30/12. Invoice was approved for payment. Mailed check to Ford Motor Company for fire engine received 1/15/12. Made closing entry related to the fire engine. 1/15/12 1/30/12 1/31/11 Gold City was organized January 1, 2006 and adopted the following accounting procedures for its General Fund: . All transactions of $1,000 or more with non-City entities, which will not be paid within 30 days, must be encumbered. All transactions with outside (non-City) entities must be processed through the voucher system. Budgets will be entered into the accounts. The City's fiscal year will be the calendar year. The city will take maximum advantage of discounts offered; otherwise, the city will pay its bills on the dates due. Required: Prepare Gold City's General Fund (GF) (only) general ledger control account journal entries, in professional form, for the independent events (unless otherwise noted) shown on each of the following dates. Note carefully the date when money actually moves. Use account titles used in the Lecture Notes. Do not abbreviate. Reference each journal entry to the corresponding typical journal entry listed in the Lecture Notes for the General Fund topic (e.g. 1/1/11 transaction below deals with "recording the budget" and therefore corresponds to journal entry "a." in the Lecture Notes). 1/1/11 2/1/11 2/15/11 3/1/11 City Council approved a revenue budget of $75,000 and an appropriation budget of $45,000 for 2011. It planned that a Capital Projects Fund would be started and completed during the year, and estimated that $1,000 would be returned to the GF from this closed project. It planned that $10,000 would be used to establish a new Internal Service Fund. Purchased supplies from a local vendor for $500 cash. (2) GF borrowed $60,000 at 7% interest, short-term, from the Enterprise Fund. Issued purchase order to Ford Motor Company for police car ($6,000) and fire engine ($7,000); estimated delivery date is 11/1/11. Collected traffic fines of $125. GF received a bill, authorized payment, and paid attorney fees of $600, $150 of which is the responsibility of the Capital Projects Fund. GF billed the Capital Projects Fund for its $150 share. (3) GF received $150 check from Capital Projects Fund for 3/20/11 billing. 3/15/11 3/20/11 3/30/11 4/1/11 4/20/11 4/30/11 5/1/11 5/10/11 5/20/11 5/29/11 5/30/11 6/15/11 Approved payment of $2,000 to Debt Service Fund from general tax revenue to assist in repaying bond indebtedness. Sent check for $2,000 to Debt Service Fund (approved on 4/1/11). Recorded and paid salaries of $3,500 (ignore withholding taxes and employer's contribution to social security). (2) Borrowed $10,000 on a short-term tax anticipation note from City National Bank (a non-City entity) at 12% interest. Received a billing of $1,500 from the city's Internal Service Fund for computer services rendered during April 2011. Approved 5/10/11 billing from Internal Service Fund for payment. Sent $1,500 check which had been approved for payment on 5/20/11 to Internal Service Fund Sold a truck for $800 which GF had purchased new on 6/1/06 for $8,000. Made payment of $3,200 for use of machinery that had been acquired under a short-term lease. (2) Recorded the liability, and paid salaries of $2,750 for the current period (ignore withholding and employer's share of social security). (2) Mailed proper tax bills for $30,000 to property owners; the Controller estimated that 2.5% would be uncollectible. Received approval to establish a new fund, and sent $9,000 check for that purpose to the new Gold City Parking Fund, an Enterprise Fund. Received $3,500 to close a Capital Projects Fund, started in 2010, which had completed constructed of an addition to the City Municipal Building. Received $20,000 cash as payments of property taxes. Repaid short-term loan from Enterprise Fund with interest (see 2/15/11). Repaid 5/1/11 short-term borrowing from City National Bank with interest. (2) Bought a computer (general fixed asset) for GF use for $4,900; mailed check to vendor the same day. (2) 6/30/11 7/1/11 8/1/11 8/15/11 9/1/11 9/14/11 9/30/11 10/15/11 11/1/11 11/15/11 12/29/11 Received police car, ordered 3/1/11, from Ford Motor Company. Invoice was $5,900, payable by 11/15/11. Invoice was approved for payment. (2) Mailed $5,900 check to Ford Motor Company for police car received 11/1/11. City Council directed write off of $50 of current property taxes as uncollectible. 12/30/11 12/31/11 12/31/11 Police car received 11/1/11 was wrecked in a high speed chase, and sold to a local scrap dealer for $600 cash. Recorded $1,100 of supplies on hand at year-end, using the purchase method. As of 12/30/11, $0 supplies had been recorded as being on hand. Supplies costing more than $1,100 had been purchased during the year. Made closing entries. (Do not use any data from above transactions, except for 1/1/11 data, to close accounts. Assume pre-closing, year-end account balances were: Encumbrances =$7,500 Dr.; Expenditures = $46,000 Dr.; Fund balance reserved for encumbrances = $7,500 Cr.; Other financing uses - operating transfers out = $4,000 Dr.; Residual equity transfers in = $2,000 Cr.; Revenue = $56,000 Cr.) (3) Received fire engine ordered from Ford Motor Company on 3/1/11. Invoice was $7,100, payable by 1/30/12. Invoice was approved for payment. Mailed check to Ford Motor Company for fire engine received 1/15/12. Made closing entry related to the fire engine. 1/15/12 1/30/12 1/31/11