I just need the analysis Case Study 1 Operating Transactions, Special Topics, and Financial Statements

The City of Morses General Fund had the following post-closing trial balance at June 30, 2021, the end of the fiscal year. Debits Credits Cash $ 185,000 Taxes Receivable-Delinquent 620,000 Allowance for Uncollectible Delinquent Taxes $ 159,000 Interest and Penalties Receivable 34,000 Allowance for Uncollectible Interest and Penalties 10,950 Inventory of Supplies 15,400 Vouchers Payable 145,600 Due to Federal Government 53,000 Deferred Inflows of Resources-Unavailable Revenues 185,000 Fund Balance-Nonspendable- Inventory of Supplies 15,400 Fund Balance-Unassigned 285,450 Totals $ 854,400 $ 854,400 During the year ended June 30, 2022, the following transactions took place without subsidiary ledger detail occurred. The budget for fiscal year 2022 provided General Fund estimated revenues totaling $3,560,000 and appropriations totaling $3,480,000. The city council authorized temporary borrowing of $400,000 in the form of a 120-day tax anticipation note. The loan was obtained from a local bank at a 6% annual rate. (Note: Debit Expenditures for the discount in the General Fund journal and debit expenses in the governmental activities journal.) Property taxes were levied for Fiscal Year 2022 for $2,350,000, and it is estimated that 3% of the levy will be uncollectible. Purchase orders and contracts were issued to vendors and others for $2,010,000. $1,972,000 of current taxes, $363,500 of delinquent taxes, and $22,160 of interest and penalties were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end. Additional interest on penalties and taxes were accrued in the amount of $3,650 and 30% was estimated to be uncollectible. Because of a state law change, the city was notified that it will receive $100,000 less in intergovernmental revenues than was budgeted. Delinquent taxes of $17,560 were deemed uncollectible and written off. The associated interest and penalties of $1,230 also were written off. Total payroll during the year was $ 887,130. Of this amount, $67,865 was withheld for employees FICA tax liability, $106,400 for employees federal tax liability, and $37,400 for state and local taxes and the balance was paid to employees in cash. The employers FICA tax liability was recorded for $67,865. Revenues from other sources than taxes were collected in the amount of $1,004,000. Amounts due the federal government as of June 30, 2022, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. Purchase orders and contracts encumbered in the amount of $1,968,000 were filled at a net cost of $ 1,966,490. Vouchers payable of $ 2,185,000 were paid after deducting a purchase discount of $7,840. Tax anticipation note of $400,000 was repaid. All unpaid current years property taxes became delinquent. The balances of the current taxes receivables and related receivables were transferred to delinquent accounts. The City uses the 60-day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal year. A physical inventory of materials and supplies showed a total of $ 25,600. Inventory is recorded using the purchases method in the General Fund. Inventory is recorded using the consumption method at the government-wide level. Required: Record in general journal form the effect of the transactions on the General Fund and governmental activities for the ended June 30, 2022. (No subsidiary accounts required.) Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. Prepare a General Fund balance sheet as of June 30, 2022. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2022. Please explain the 60-day rule for the recognition of property taxes in governmental funds to the Mayor of Morse City. Can the 60-day rule apply to all revenues?