i have all the general fund entries but i cant figure out what to label each transaction or how to get the total fund balance preclosing and budgetary fund balance and fund balance closing help please. all the entries are posted

i just dont know how to get the fund balance on the t accounts

No Transaction General Journal Debit Credit 1 01 > 11,150,000 Estimated Revenues Control Appropriations Control Budgetary Fund Balance Estimated Other Financing Uses Control 9,380,000 70,000 1,700,000 2 02 Encumbrances Control 19,000 Budgetary Fund Balance - Reserve for Encumbrances 19,000 3 03 Deferred Inflows--Property Taxes Revenues Control 21,000 lo 21,000 4 04 7,000,000 Taxes Receivable Current Estimated Uncollectible Taxes Revenues Control 157,500 6,842,500 5 05 0 Cash Tax Anticipation Notes Payable 500,000 500,000 6 Budgetary Fund Balance-Reserve for Encumbrances 19,000 Encumbrances Control 19,000 7 6b Expenditures Control Accounts Payable 18,700 18,700 100 00 8 07 Accounts Payable Due to Other Funds Cash 117,700 27,000 144,700 9 08 10,805,500 Cash Taxes Receivable-(Prior year) Interest and Penalties Receivable Taxes Receivable---Current Due from State Government Revenues Control 000 158,000 3,500 6,400,000 204,000 4,040,000 10 09 Enoumbrances Control 3,465,000 Encumbrances Control Return 3,465,000 Budgetary Fund Balance-Reserve for Encumbrances 3,465,000 11 10 5,110,000 Expenditures Control Due to Federal Government Cash 888,915 4.221,085 12 11 418,915 Expenditures Control Due to State Government Due to Federal Government 28.000 390,915 13 12a Budgetary Fund Balance-Reserve for Encumbrances Encumbrances Control 3,407,000 3,407,000 14 12b Expenditures Control 3,375,300 Accounts Payable 3,375,300 15 13 Tax Anticipation Notes Payable Expenditures Control Cash 500,000 18,000 OO 518,000 16 14 Due from State Government 332,000 > > Revenues Control 332,000 17 15a 350,200 Expenditures Control Due to Other Funds 350,200 18 15b 310,000 . Due to Other Funds Cash OS 310,000 19 16 48,000 Due from State Government Revenues Control 48,000 20 17 Accounts Payable 3,175.000 20 17 Accounts Payable Due to Federal Government Due to State Government Other Financing Uses Control Cash 3,175,000 1,279,830 28,000 1,662,000 >Iss 6,144,830 21 18 Estimated Revenues Control Budgetary Fund Balance Appropriations Control 73,000 36,000 O 109,000 22 19a 51,000 Estimated Uncollectible Taxes Taxes Receivable Current 51,000 23 196 1,600 Estimated Uncolectible Interest & Penalties Interest and Penalties Receivable 1,600 24 20 17,200 Interest and Penaltios Receivable Estimated Uncollectible Interest & Penalties 00 1,100 25 21 17,500 Revenues Control Deferred Inflows-Property Taxes 17,500 And Account $503,000 173,000 CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210,000 Less: Estimated uncollectible taxes (37,000) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable Due to other funds Total liabilities Deferred inflows - Property taxes Fund equity: Pund balance-annigned (for outstanding encumbrances) $ 19,000 Fund balance-unassigned 718,250 Total fund balance Total liabilities, deferred inflows, and fund equity 4,250 204,000 $884,250 $ 99,000 27,000 126,000 21,000 737,250 S884,250 21,000 28,000 End.bal End.bal Total Fund Balance (Preclosing) Revenues Control Beg bal. Beg bal 332.000 16,100 17.500 1.270,535 1.270,535 End bal End.bal 330,600 Budgetary Fund Balance (Closing) Fund Balance (Closing) Beg bal Beg.bal Preclosing Preclosing End bal End.bal. ses problem continues the General Fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget Information for the City includes: (1) As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. 4-C. Part 1. General Fund Transactions Required: a. Record Journal entries for the following transactions for FY 2020. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (2) Encumbrances of $19,000 for purchase orders outstanding at the end of 2019 were re-established (3) The January 1, 2020, balance in Deferred Inflows - Property Taxes relates to the amount of the 2019 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2020 revenues. (4) A general tax levy in the arhount of $7,000,000 was made. It is estimated that 24 percent (0.0225) of the tax will be uncollectible. (5) Tax anticipation notes in the amount of $500,000 were issued. (6) Goods and supplies related to all encumbrances outstanding as of December 31, 2019 were received, along with invoices amounting to $18,700. The invoices were approved for payment. The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure when received (7) All accounts payable and the amount due other funds were pald. (8) The General Fund collected the following in cash: prior year taxes, $158,000; ok it ences M YEGES, . Interest and penalties receivable on prior year taxes, $3,500; o current taxes, $6,400,000, $204,000 previously recorded as due from the state government; licenses and permits, $800,000; sales taxes, $2,890,000; and Miscellaneous revenues, $350,000. (9) Purchase orders and contracts were issued in the amount of $3,465,000. (10) Payrolls for the General Fund totaled $5,110,000. Of that amount, $498,000 were withheld for employees' federal income taxes and $390,915 were withheld for employees' FICA and Medicare tax liability, the balance was paid in cash. The encumbrance system is not used for payrolls (11) The liability for the city's share of FICA and Medicare taxes, $390,915, was recorded as was the liability for state unemployment taxes in the amount of $28,000. (12) Invoices for most of the supplies and services ordered in transactions were received in the amount of $3,375,300 and approved (13) Tex anticipation notes were paid at maturity, along with interest in the amount of $18,000. (14) Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year. (15) The General Fund recorded a liability to the Water and Sewer Fund for services in the amount of $37.000 and to the Stores and Services Fund for supplies in the amount of $313.200; $310,000 of the amount due the stores and Services Fund was pald. (16) The General Fund recorded an amount due of $48,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year. (17) The General Fund paid accounts payable in the amount of $3,175,000 and paid the amounts due to the federal and state governments. The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and interest (18) All required legal steps were accomplished to increase appropriations by the net amount of $109,000. Estimated revenues were increased by $73.000. in delinquent property taxes and corresponding interest and penaties amounting to $1,600. (20) Interest and penalties receivable on taxes were accrued in the amount of $17,200, $1,100 of this amount is expected to be uncollectible. (21) It is estimated that $17.500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year-end. b. Post the entries to the general ledger c. Prepare and post the closing entries for the General Fund. Outstanding encumbrances at year and are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance d. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2020. Confirm that the revenue and expenditure control accounts agree with the following detail (amounts are assumed) and use this information in the Statement: Property Tax Sales Taxes Interest and Penalties on Taxe Licenses and Permita Intergovernmental Revenge Miscellaneous Revenge Expenditures $ 6,846,000 General Government 2.990.000 Public Safety . 100 Highways and Street 800,000 sanitation 332,000 Health 350,000 Welfare Culture and Recreation Capital Outlay $11,282,100 Total $1,682,915 3,056,900 1.461,400 591,400 724,100 374.300 917,300 492,800 $9,291,115 Total No Transaction General Journal Debit Credit 1 01 > 11,150,000 Estimated Revenues Control Appropriations Control Budgetary Fund Balance Estimated Other Financing Uses Control 9,380,000 70,000 1,700,000 2 02 Encumbrances Control 19,000 Budgetary Fund Balance - Reserve for Encumbrances 19,000 3 03 Deferred Inflows--Property Taxes Revenues Control 21,000 lo 21,000 4 04 7,000,000 Taxes Receivable Current Estimated Uncollectible Taxes Revenues Control 157,500 6,842,500 5 05 0 Cash Tax Anticipation Notes Payable 500,000 500,000 6 Budgetary Fund Balance-Reserve for Encumbrances 19,000 Encumbrances Control 19,000 7 6b Expenditures Control Accounts Payable 18,700 18,700 100 00 8 07 Accounts Payable Due to Other Funds Cash 117,700 27,000 144,700 9 08 10,805,500 Cash Taxes Receivable-(Prior year) Interest and Penalties Receivable Taxes Receivable---Current Due from State Government Revenues Control 000 158,000 3,500 6,400,000 204,000 4,040,000 10 09 Enoumbrances Control 3,465,000 Encumbrances Control Return 3,465,000 Budgetary Fund Balance-Reserve for Encumbrances 3,465,000 11 10 5,110,000 Expenditures Control Due to Federal Government Cash 888,915 4.221,085 12 11 418,915 Expenditures Control Due to State Government Due to Federal Government 28.000 390,915 13 12a Budgetary Fund Balance-Reserve for Encumbrances Encumbrances Control 3,407,000 3,407,000 14 12b Expenditures Control 3,375,300 Accounts Payable 3,375,300 15 13 Tax Anticipation Notes Payable Expenditures Control Cash 500,000 18,000 OO 518,000 16 14 Due from State Government 332,000 > > Revenues Control 332,000 17 15a 350,200 Expenditures Control Due to Other Funds 350,200 18 15b 310,000 . Due to Other Funds Cash OS 310,000 19 16 48,000 Due from State Government Revenues Control 48,000 20 17 Accounts Payable 3,175.000 20 17 Accounts Payable Due to Federal Government Due to State Government Other Financing Uses Control Cash 3,175,000 1,279,830 28,000 1,662,000 >Iss 6,144,830 21 18 Estimated Revenues Control Budgetary Fund Balance Appropriations Control 73,000 36,000 O 109,000 22 19a 51,000 Estimated Uncollectible Taxes Taxes Receivable Current 51,000 23 196 1,600 Estimated Uncolectible Interest & Penalties Interest and Penalties Receivable 1,600 24 20 17,200 Interest and Penaltios Receivable Estimated Uncollectible Interest & Penalties 00 1,100 25 21 17,500 Revenues Control Deferred Inflows-Property Taxes 17,500 And Account $503,000 173,000 CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210,000 Less: Estimated uncollectible taxes (37,000) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable Due to other funds Total liabilities Deferred inflows - Property taxes Fund equity: Pund balance-annigned (for outstanding encumbrances) $ 19,000 Fund balance-unassigned 718,250 Total fund balance Total liabilities, deferred inflows, and fund equity 4,250 204,000 $884,250 $ 99,000 27,000 126,000 21,000 737,250 S884,250 21,000 28,000 End.bal End.bal Total Fund Balance (Preclosing) Revenues Control Beg bal. Beg bal 332.000 16,100 17.500 1.270,535 1.270,535 End bal End.bal 330,600 Budgetary Fund Balance (Closing) Fund Balance (Closing) Beg bal Beg.bal Preclosing Preclosing End bal End.bal. ses problem continues the General Fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget Information for the City includes: (1) As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. 4-C. Part 1. General Fund Transactions Required: a. Record Journal entries for the following transactions for FY 2020. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (2) Encumbrances of $19,000 for purchase orders outstanding at the end of 2019 were re-established (3) The January 1, 2020, balance in Deferred Inflows - Property Taxes relates to the amount of the 2019 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2020 revenues. (4) A general tax levy in the arhount of $7,000,000 was made. It is estimated that 24 percent (0.0225) of the tax will be uncollectible. (5) Tax anticipation notes in the amount of $500,000 were issued. (6) Goods and supplies related to all encumbrances outstanding as of December 31, 2019 were received, along with invoices amounting to $18,700. The invoices were approved for payment. The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure when received (7) All accounts payable and the amount due other funds were pald. (8) The General Fund collected the following in cash: prior year taxes, $158,000; ok it ences M YEGES, . Interest and penalties receivable on prior year taxes, $3,500; o current taxes, $6,400,000, $204,000 previously recorded as due from the state government; licenses and permits, $800,000; sales taxes, $2,890,000; and Miscellaneous revenues, $350,000. (9) Purchase orders and contracts were issued in the amount of $3,465,000. (10) Payrolls for the General Fund totaled $5,110,000. Of that amount, $498,000 were withheld for employees' federal income taxes and $390,915 were withheld for employees' FICA and Medicare tax liability, the balance was paid in cash. The encumbrance system is not used for payrolls (11) The liability for the city's share of FICA and Medicare taxes, $390,915, was recorded as was the liability for state unemployment taxes in the amount of $28,000. (12) Invoices for most of the supplies and services ordered in transactions were received in the amount of $3,375,300 and approved (13) Tex anticipation notes were paid at maturity, along with interest in the amount of $18,000. (14) Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year. (15) The General Fund recorded a liability to the Water and Sewer Fund for services in the amount of $37.000 and to the Stores and Services Fund for supplies in the amount of $313.200; $310,000 of the amount due the stores and Services Fund was pald. (16) The General Fund recorded an amount due of $48,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year. (17) The General Fund paid accounts payable in the amount of $3,175,000 and paid the amounts due to the federal and state governments. The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and interest (18) All required legal steps were accomplished to increase appropriations by the net amount of $109,000. Estimated revenues were increased by $73.000. in delinquent property taxes and corresponding interest and penaties amounting to $1,600. (20) Interest and penalties receivable on taxes were accrued in the amount of $17,200, $1,100 of this amount is expected to be uncollectible. (21) It is estimated that $17.500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year-end. b. Post the entries to the general ledger c. Prepare and post the closing entries for the General Fund. Outstanding encumbrances at year and are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance d. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2020. Confirm that the revenue and expenditure control accounts agree with the following detail (amounts are assumed) and use this information in the Statement: Property Tax Sales Taxes Interest and Penalties on Taxe Licenses and Permita Intergovernmental Revenge Miscellaneous Revenge Expenditures $ 6,846,000 General Government 2.990.000 Public Safety . 100 Highways and Street 800,000 sanitation 332,000 Health 350,000 Welfare Culture and Recreation Capital Outlay $11,282,100 Total $1,682,915 3,056,900 1.461,400 591,400 724,100 374.300 917,300 492,800 $9,291,115 Total