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Chapter 4 Recording Operating Transactions Affecting the General Fund and Governmental Activities at the Government-wide Level Presented below are a number of transactions for the City of Smithville that occurred during fiscal year 2017, the year for which the budget given in Chapter 3 was recorded. Read all instructions carefully. a. After opening the data file containing your data from Chapters 2 and 3 of this project, record the following transactions in the general journal for the General Fund and, if applicable, in the general journal for governmental activities at the government-wide level. For all entries, the date selected should be year 2017. For each of the paragraphs that requires entries in both the General Fund and governmental activities journals, you can either record them in both journals on a paragraph-by-paragraph basis or, alternatively, record all the General Fund journal entries first for all paragraphs, then complete the governmental activities journal entries for all paragraphs. If you choose the latter method, it might be useful to print the General Fund general journal entries to assist in making the entries in the governmental activities journal. Regardless of the method you choose, we highly recommend that you refer to the illustrative journal entries in Chapter 4 of the Reck and Lowensohn textbook (17thedition) for guidance in making all entries. For each entry affecting budgetary accounts or operating statement accounts, the Detail Journal will automatically open to allow you to record the appropriate amounts in the detail budgetary or actual accounts as was the case in Chapter 3. Before closing the City of Smithville, click on [File], and [Save/Save As] to save your work. If you close the file by clicking on the [X] box you will be asked if you want to save your changes before closing. 1. [Para. 4-a-1] On January 2, 2017, real property taxes were levied for the year in the amount of $1,731,000. It was estimated that 3 percent of the levy would be uncollectible. Required: Record this transaction in both the General Fund and governmental activities journal. (Note: Type 4-a-1 as the paragraph number in the [Transaction Description] box for this entry; 4-a-2 for the next transaction, etc. Careful referencing by paragraph number is very helpful should you need to determine where you may have omitted a required journal entry or may have made an error.)Select \"Accrued Revenue\" in the drop down [Transaction Description] menu in the Detail Journal related to the General Fund entry. 2. [Para. 4-a-2] Encumbrances were recorded in the following amounts for purchaseorders issued against the appropriations indicated: General Government Public Safety Public Works Culture and Recreation $ 98,453 183,259 217,675 108,927 Total $608,314 Required: Record the encumbrances in the General Fund general journal and Detail Journal as appropriate. In the Detail Journal, select \"Purchase Orders\" from the drop down [Transaction Description] menu. You can also type in an alternative description, if desired. 3. [Para. 4-a-3] Cash was received during the year in the total amount of $3,399,599 for collections from the following receivables and cash revenues, as indicated: Current Property Taxes Delinquent Property Taxes Interest and Penalties Receivable on Taxes Due from State Government Revenues: (total: $1,403,794) Licenses and Permits Fines and Forfeits Intergovernmental Charges for Services Total $1,561,535 235,000 34,270 165,000 601,314 410,660 160,000 231,820 $3,399,599 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select \"Received Cash\" in the drop down [Transaction Description] menu in the Detail Journal related to the General Fund revenue entries.) For purposes of the governmental activities entries at the government-wide level assume the following revenue classifications: General Fund Licenses and Permits Fines and Forfeits Intergovernmental Charges for Services Governmental Activities Program RevenuesGeneral Government Charges for Services Program RevenuesGeneral Government Charges for Services Program RevenuesPublic SafetyOperating Grants and Contributions Program RevenuesGeneral Government Charges for Services, $143,850 Program RevenuesCulture and Recreation Charges for Services, $87,970 4. [Para. 4-a-4] General Fund payrolls for the year totaled $2,638,220. Of that amount, $395,733 was withheld for employees' federal income taxes; $344,623 for federal payroll taxes; $98,933 for employees' state income taxes; $194,545 for retirement funds administered by the state government; and the remaining $1,604,386 was paid to employees in cash. The City of Smithville does not record encumbrances for payrolls. The payrolls were chargeable against the following functions: General Government Public Safety Public Works Culture and Recreation Total $ 518,022 1,242,447 588,947 288,804 $2,638,220 Required: Make summary journal entries for payroll in both the General Fund and governmental activities general journals for the year. 5. [Para. 4-a-5] Invoices for some of the goods recorded as encumbrances in transaction 4a-2 were received and vouchered for payment, as listed below. Related encumbrances were canceled in the amounts listed below (Select \"Elimination\" in the drop down [Transaction Description] menu in the Detail Journal): General Government Public Safety Public Works Culture and Recreation Expenditures $ 94,776 175,406 194,408 108,187 $572,777 Encumbrances $ 94,752 175,620 194,512 108,150 $573,034 Required: Record the receipt of these goods and the related vouchers payable in both the General Fund and governmental activities journals. At the government-wide level, you should assume the city uses the periodic inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except that $32,340 of the amount charged to the Public Works function was for a vehicle (debit Equipment for this item at the government-wide level). 6. [Para. 4-a-6] During FY 2017, the City of Smithville received notification that the state government would send $115,000 at the beginning of the next fiscal year. Based on the city's definition of \"available for use,\" the city considers the funds available for Public Safety's use in the current reporting period. The budget for the current year included this amount as "Intergovernmental Revenue.\" Required: Record this transaction as a receivable and revenue in the General Fund and governmental activities journals. (Note: Select \"Accrued Revenue\" in the [Transaction Description] box in the Detail Journal). At the government-wide level, assume that this item is an operating grant to the Public Safety function. 7. [Para. 4-a-7] Checks were written in the total amount of $1,721,571 during2017. These checks were in payment of the following items: Vouchers Payable $700,000 Due to Federal Government Due to State Government Total amount paid 731,506 290,065 $1,721,571 Required: Record the payment of these items in both the General Fund and governmental activities general journals. 8. [Para. 4-a-8] Current taxes receivable uncollected at year-end, and the related Allowance for Uncollectible Current Taxes account, were both reclassified as delinquent. Required: Record this transaction in the General Fund and governmental activities journals. 9. [Para. 4-a-9] Interest and penalties receivable on delinquent taxes was increased by $11,000; $3,500 of this was estimated as uncollectible. Required: Record this transaction in the General Fund and governmental activities journals as a revenue transaction. 10. [Para. 4-a-10] The city's budget for 2017 was legally amended as follows: Estimated Revenues: Charges for Services Total Appropriations: Public Safety Public Works Culture and Recreation Decreases $ 5,000 $ 5,000 Increases $0 $11,000 $11,000 $1,600 37,500 $39,100 Note: These amendments decrease the balance of the Budgetary Fund Balance account by $33,100. Required: Record the budget amendments in the General Fund general journal only. Budgetary items do not affect the government-wide accounting records. (Note: Select \"Budget Amendment\" in the [Transaction Description] box in the Detail Journal.) Post all journal entries to the general and subsidiary ledgers: After reviewing all entries for accuracy, including year and paragraph numbers, post all entries to the general ledger accounts and to all subsidiary ledger accounts, by clicking on [Post Entries]. Also post all entries in the governmental activities journal. 11. Closing Entry.Following the instructions in the next paragraph, prepare and post the necessary entries to close the Estimated Revenues and Appropriations accounts to Budgetary Fund Balance, and Revenues and Expenditures to Fund BalanceUnassigned. Because the City of Smithville honors all outstanding encumbrances at year-end, it is not necessary to close Encumbrances to Encumbrances Outstanding at year-end since encumbrances do not affect the General Fund balance sheet or statement of revenues, expenditures, and changes in fund balances. If, however, you would like to avoid having these accounts appear in the post-closing trial balance, you can opt to close Encumbrances to Encumbrances Outstanding. If the accounts are closed, they would need to be reestablished at the beginning of the next year. To close the temporary accounts, you must click on the check mark for [Closing Entry], \"Closing Entry\" will appear in the [Transaction Description] box. Be sure the check mark in the box for [Closing Entry] is showing before closing each individual account. Also, you will be sent to the Detail Journal where you must close each individual budgetary or operating statement account. To determine the closing amounts for both General Ledger and subsidiary ledger accounts, you will need to first save and print the pre-closing version of these ledgers for year 2017 from the [Reports] menu. At year-end, an analysis by the city's finance department determined the following constraints on fund balances in the General Fund. Prepare the appropriate closing/reclassification journal entry in the General Fund to reclassify amounts between Fund BalanceUnassigned and the fund balance accounts corresponding to the constraints shown below. (Note: You should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified. Be sure the check mark in the box for [Closing Entry] is showing before closing each individual account.) Account Ending Balance Fund BalanceCommittedGeneral Government $30,000 Fund BalanceRestrictedPublic Safety 36,000 Fund BalanceCommittedPublic Works 12,700 Fund BalanceAssignedCulture and Recreation 0 Note: DO NOT PREPARE CLOSING ENTRIES FOR GOVERNMENTAL ACTIVITIES AT THIS TIME since governmental activities will not be closed until Chapter 9, after the capital projects fund (Chapter 5) and debt service fund (Chapter 6) transactions affecting governmental activities at the government-wide level have been recorded. b. Select [Export] from the drop down [File] menu to create an Excel worksheet of the General Fund post-closing trial balance as of December 31, 2017. Use Excel to prepare in good form a balance sheet for the General Fund as of December 31, 2017. Follow the format shown in Illustration 4-3 of Reck andLowensohn, Accounting for Governmental & Nonprofit Entities, 17th edition textbook (hereafter referred to as \"the textbook.\") c. Select [Export] from the drop down [File] menu to create an Excel worksheet of the General Fund pre-closing subsidiary ledger account balances for the year 2017. Use Excel to prepare in good form a statement of revenues, expenditures, and changes in fund balance for the General Fund for the year ended December 31, 2017. (See Illustration 4-4 in the textbook for an example format.) d. Use the Excel worksheet of the General Fund pre-closing subsidiary ledger account balances created in part c above to prepare in good form a schedule of revenues, expenditures, and changes in fund balancebudget and actual for the General Fund for the year ended December 31, 2017. (See Illustration 4-5 in the textbook for an example format.) e. Prepare a reconciliation of total expenditures reported in your solution to part c of this problem with the total expenditures and encumbrances reported in your solution to part d of this problem. (In Chapter 4below Illustration 4-5, see discussion and example which compares Illustrations 4-4 and 4-5.) [Note: File the printouts of all your worksheets and your completed financial statements in your cumulative problem folder until directed by your instructor to submit them, unless your instructor specifies submission of files electronically.] Before closing the City of Smithville, click on [File], and [Save/Save As] to save your work. If you close the file by clicking on the [X] box you will be asked if you want to save your changes before closing. Licensing This manual for the short version project was written for use with the Cities of Smithville and Bingham software, revised to accompany the 17th edition of Reck and Lowensohn, Accounting for Governmental & Nonprofit Entities. The manual and the software described in it are copyrighted, with all rights reserved. This manual and the Cities of Smithville and Bingham software may not be copied, except as otherwise provided in your software license or as expressly permitted in writing by McGraw-Hill Higher Education, Inc. Use of the Cities of Smithville and Bingham governmental accounting software (the \"Software\") and its documentation are governed by the terms set forth in your license. Such use is at your sole risk. The software and its documentation (including this manual) are provided \"AS-IS\" and without warranty of any kind