I need help where you see the red X's please.
1. The budget for FY 2020 provided for General Fund estimated revenues totaling $3,200,000 and appropriations totaling $3,157,000. General Fund Estimated Revenues 3,200,000 Appropriations _ 3,157,000 Budgetary Fund Balance - 43,000 Governmental Activities No Journal Entry Required __ 2. The city council authorized temporary borrowing of $570,000 in the form of a lZOday tax anticipation note. The loan was obtained from a local bank at a discount of 7 percent per annum (debit Expenditures for the discount in the General Fund journal and ExpensesGeneral Government in the governmental activities journal). Tax Anticipation Notes Payable - 570,000 Tax Anticipation Notes Payable 570,000 3. The property tax levy for FY 2020 was recorded. Net assessed valuation of taxable property for the year was $38,000,000, and the tax rate was $6 per $100. It was estimated that 2 percent of the levy would be uncollectible. General Fund Taxes ReceivableCurrent 2,280,000 _ Allowance for Uncollectible Current Taxes _ 45,600 . - II Governmental Activities Taxes ReceivableCurrent 2,280,000 _ Allowance for Uncollectible Current Taxes 45,600 General Revenues 2,234,400 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,090,000. General Fund Encumbrances 2,090,000 Encumbrances Outstanding 2,090,000 Governmental Activities No Journal Entry Required 5. $2,040,000 of current taxes, $386,270 of delinquent taxes, and $20,870 of interest and penalties were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior yearend. Record the $2,040,000 of current taxes, $386,270 of delinquent taxes, and $20,870 of interest and penalties collected. General Fund Cash 2,447,140 Taxes ReceivableCurrent 2,040,000 Taxes ReceivableDelinquent _ 386,270 Interest and Penalties Receivable - 20,870 Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior yearend. Deferred Inflows of ResourcesUnavailable Revenues 407,140 Record the $2,040,000 of current taxes, $386,270 of delinquent taxes, and $20,870 of interest and penalties collected. Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior yearend. 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $38,730, of which 30 percent was estimated to be uncollectible. 5c Governmental Activities U1 D. General Fund Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Revenues Governmental Activities Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties General Revenues 7. Because ofa change in state law, the city was notified that it will receive $86,000 less in intergovernmental revenues than was budgeted. General Fund Budgetary Fund Balance 86,000 _ - Governmental Activities No Journal Entry Required __ 8. Delinquent taxes of $13,001 were deemed uncollectible and written off. The associated interest and penalties of $968 also were written off. General Fund Allowance for Uncollectible Delinquent Taxes 13,001 Allowance for Uncollectible Interest and Penalties 968 Taxes ReceivableDelinquent Interest and Penalties Receivable Governmental Activities Allowance for Uncollectible Delinquent Taxes 13,001 Allowance for Uncollectible Interest and Penalties 968 Taxes ReceivableDelinquent Interest and Penalties Receivable 9. Total payroll during the year was $849,490. Ofthat amount, $65,690 was withheld for employees' FICA tax liability, $106,710 for employees' federal income tax liability, and $34,700 for state taxes; the balance was paid to employees in cash. 13,001 968 General Fund Expenditures 849,490 Due to Federal Government 172,400 Due to State Government 34,700 Cash 642,390 Governmental Activities 849,490 Due to Federal Government 172,400 Due to State Government 34,700 Cash 642,390 10. The employer's FICA tax liability was recorded for $65,690. General Fund Expenditures Due to Federal Government Governmental Activities Due to Federal Government 11. Revenues from sources other than taxes were collected in the amount of $950,000. General Fund Cash 950,000 Revenues 950,000 Governmental Activities 950,000 General Revenues 950,000 H p.- 12. Amounts due the federal government as ofJune 30, 2020, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. General Fund Due to Federal Government 300,580 Due to State Government 34,700 Vouchers Payable 335,280 Governmental Activities Due to Federal Government 300,580 _ Vouchers Payable _ 335,280 13. Purchase orders and contracts encumbered in the amount of $2,018,040 were filled at a net cost of $2,017,570, which was vouchered. 13a General Fund Record the encumbrances outstanding for 2020. Encumbrances Outstanding 2,018,040 Encumbrances 2,018,040 Record the total expenditures against vouchers payable for 2020. Expenditures 2,017,570 _ Vouchers Payable _ 2,017,570 Governmental Activities Record the total expenses against vouchers payable for 2020. Vouchers Payable _ 2,017,570 14. Vouchers payable totaling $2,331,660 were paid after deducting a credit for purchases discount of $8,330 (credit Expenditures). General Fund Vouchers Payable 2,331,660 _ Cash 2,323,330 - 13b - 13c Expenditures 8,330 5.x 15. The tax anticipation note of $570,000 was repaid. General Fund Tax Anticipation Notes Payable 570,000 Governmental Activities Tax Anticipation Notes Payable 570,000 - 16. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivables and related uncollectibles were transferred to delinquent accounts. The City uses the 60day 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. 16a General Fund Record the delinquent amount of unpaid property taxes. Taxes ReceivableDelinquent 240,000 Taxes ReceivableCurrent _ 240,000 Record the adjustment for the delinquent amount of tax against the allowance. Allowance for Uncollectible Current Taxes I .U' m o o Allowance for Uncollectible Delinquent Taxes Record the deferred inflow of resource Revenues 221,511 _ H m n Deferred Inflows of ResourcesUnavailable Revenues _ 221,511 Governmental Activities Record the delinquent amount of unpaid property taxes. Taxes ReceivableDelinquent 240,000 _ Taxes ReceivableCurrent - 240,000 Record the adjustment for the delinquent amount of tax against the allowance. Allowance for Uncollectible Current Taxes 45,600 Allowance for Uncollectible Delinquent Taxes 45,600 Record the deferred inflow of resource __ 17. A physical inventory of materials and supplies at June 30, 2020, showed a total of $19,700. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the governmentwide level. (Note: A periodic inventory system is used both in the General H 01 D. - 16f - - Fund and at the governmentwide level. When inventory was purchased during the year, Expenditures were debited in the General Fund journal and Inventory of Supplies was debited in the governmental activities journal. Recorded entry to reclassify the fund balance.) 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. 1. Record the closure of budgetary statements account. General Fund Appropriations 3,157,000 Estimated Revenues 3,114,000 Budgetary Fund Balance 2 General Fund 3,397,140
