I. Jayuya City had the following transactions for their General Fund in the first month (July

2020) of their fiscal year which ends June 30, 2021.

1. The budget was approved, with $2,500,000 expected from property taxes, and another $1,400,000

expected from sales taxes, and $600,000 from municipals licenses. The budget showed these funds

were expected to be spent on Salaries and Wages, $3,000,000; Utilities, $900,000; Rent, $500,000;

and Supplies, $150,000.

2. Supplies ordered at estimated cost of $30,000.

3. The electric bill receipt for $75,000 from AEE.

4. Property taxes billed for $2,500,000, due on December 31. Bad debts estimated at 2% of receivables.

5. Supplies received, but the invoice amount was $31,000 and will paid in 35 days. Supplies used

quickly and are not inventoried.

6. Property tax payments received amounting to $2,300,000.

7. An additional $40,000 of the delinquent taxes is collected.

8. Payment received from merchants for sales tax collections amounting to $100,000.

9. Wrote off $10,000 of delinquent taxes and $2,000 of interest and penalties determined to be

uncollectible.

10. A six-month loan made to the special revenue fund from the general fund amounting to $150,000.

Instructions: Journalize the above transactions in the General Journal for General Fund and

Governmental Activities (do not use subsidiary ledgers accounts)

II. A pre-closing trial balance included the following account balances for Petra City:

Due from other funds $ 3,500

Fund balance - unassigned 14,000

Estimated revenues 20,000

Revenues 22,000

Appropriations 18,000

Expenditures - current year 19,000

Expenditures - prior year 1,500

Other Financing Source - Nonreciprocal transfer-in 1,000

Required:

Prepare the necessary closing entries for the General