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Fund / Governmental Activties General Journal Debit Credit 1. The budget for FY 2020 provided for General Fund estimated revenues totaling $3,200,000 and appropriations totaling $3,157,000. 1 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 120-day 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 Expenses-General Government in the governmental activities journal). 2 General Fund Cash 556,700 Expenditures 13,300 Tax Anticipation Notes Payable 570,000 Governmental Activities Cash 556,700 Expenses 13,300 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. 3 General Fund Taxes Receivable-Current 2,280,000 Allowance for Uncollectible Current Taxes 45,600 Revenues 2,234,400 Governmental Activities Taxes Receivable-Current 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. 4 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 year-end. Record the $2,040,000 of current taxes, $386,270 of delinquent taxes, and $20,870 of interest and penalties collected. 5a General Fund Cash 2,447,140 Taxes Receivable-Current 2,040,000 Taxes Receivable-Delinquent 386,270 Interest and Penalties Receivable 20,870 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. Deferred Inflows of Resources-Unavailable Revenues 407,140 Revenues 407,140 5c Governmental Activities Record the $2,040,000 of current taxes, $386,270 of delinquent taxes, and $20,870 of interest and penalties collected, Cash 2,447,140 Taxes Receivable-Current 2,040,000 Taxes Receivable-Delinquent 386,270 Interest and Penalties Receivable 20,870 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. No Journal Entry Required 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. 6 General Fund Interest and Penalties Receivable 38,730 Allowance for Uncollectible Interest and Penalties 11,619 Revenues 27,111 Governmental Activities Interest and Penalties Receivable 38,730 Allowance for Uncollectible Interest and Penalties 11,619 General Revenues 27.111 7. Because of a change in state law, the city was notified that it will receive $86,000 less in intergovernmental revenues than was budgeted. 7 General Fund Budgetary Fund Balance 86,000 Estimated Revenues 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. 8 General Fund Allowance for Uncollectible Delinquent Taxes 13,001 Allowance for Uncollectible Interest and Penalties 968 Taxes Receivable-Delinquent 13,001 Interest and Penalties Receivable 968 Governmental Activities Allowance for Uncollectible Delinquent Taxes 13,001 Allowance for Uncollectible Interest and Penalties 968 Taxes Receivable-Delinquent 13,001 Interest and Penalties Receivable 968 9. Total payroll during the year was $849,490. Of that 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. 9 General Fund Expenditures 849,490 Due to Federal Government 172,400 Due to State Government 34,700 Cash 642,390 Governmental Activities Expenses 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. 10 General Fund Expenditures 65,690 Due to Federal Government 65,690 Governmental Activities Expenses 65,690 Due to Federal Government 65,690 11. Revenues from sources other than taxes were collected in the amount of $950,000. 11 General Fund Cash 950,000 Revenues 950,000 Governmental Activities Cash 950,000 General Revenues 950,000 12. Amounts due the federal government as of June 30, 2020, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 12 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 Due to State Government 34,700 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 13b Record the total expenditures against vouchers payable for 2020. Expenditures 2,017,570 Vouchers Payable 2,017,570 13c Governmental Activities Record the total expenses against vouchers payable for 2020. Expenses 2,017,570 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). 14 General Fund Vouchers Payable 2,331,660 Cash 2,323,330 Expenditures 8,330 Governmental Activities Vouchers Payable 2,331,660 Cash 2,323,330 Expenses 8,330 15. The tax anticipation note of $570,000 was repaid. 15. General Fund Tax Anticipation Notes Payable 570,000 Cash 570,000 Governmental Activities Tax Anticipation Notes Payable 570,000 Cash 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 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. 1 General Fund Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent 240,000 Taxes Receivable--Current 240,000 16b 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 16c Record the deferred inflow of resource Revenues 221,511 Deferred Inflows of Resources-Unavailable Revenues 221,511 16d Governmental Activities Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent 240,000 Taxes Receivable-Current 240,000 16e 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 16f Record the deferred inflow of resource No Journal Entry Required 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 i used at the government-wide level. (Note: A periodic inventory system is used both in the General Fund and at the government-wide 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.) 17 General Fund Inventory of Supplies 3,300 Fund Balance-Nonspendable-Inventory of Supplies 3,300 Governmental Activities No Journal Entry 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. Transactions Fund General Journal Debit Credit 1. Record the closure of budgetary statements account. 1 General Fund Appropriations 3,157,000 Estimated Revenues 3,114,000 Budgetary Fund Balance 43,000 2. Record the closure of operating statements account. 2 General Fund Revenues 3,397,140 Expenditures 2,937,720 Fund Balance-Unassigned 459,420 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account. 1 General Fund Appropriations Estimated Revenues Budgetary Fund Balance 3,157,000 3,114,000 43,000 2 3,397,140 2. Record the closure of operating statements account. General Fund Revenues Expenditures Fund Balance-Unassigned 2,937,720 459,420 $ $ 0 0 0 OOO 0 CITY OF CASTLETON General Fund Balance Sheet As of June 30, 2020 Assets Cash Taxes Receivable-Delinquent Less: Allowance for Uncollectible TaxesDelinquent Interest and Penalties Receivable Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Total Assets Liabilities and Fund Balances Liabilities: Vouchers Payable Deferred Inflows of ResourcesUnavailable Revenues Total Liabilities and Deferred Inflows of Resources Fund Balances: Nonspendable-Inventory of Supplies Unassigned Total Fund Balances Total Liabilities and Fund Balances $ 0 $ 0 $ 0 0 0 $ 0 Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. 69 CITY OF CASTLETON General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 2020 Revenues Taxes 0 X Interest and Penalties on Taxes 0% Other Sources 0 Total Revenues 0 Expenditures Salaries and Wages 0 Interest on Note Payable 0X Other 0X Total Expenditures 0 Excess of Revenues over Expenditures 0 % Increase in Inventory of Supplies Fund Balances, July 1, 2019 Fund Balances, June 30, 2020 GA 0 Fund / Governmental Activties General Journal Debit Credit 1. The budget for FY 2020 provided for General Fund estimated revenues totaling $3,200,000 and appropriations totaling $3,157,000. 1 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 120-day 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 Expenses-General Government in the governmental activities journal). 2 General Fund Cash 556,700 Expenditures 13,300 Tax Anticipation Notes Payable 570,000 Governmental Activities Cash 556,700 Expenses 13,300 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. 3 General Fund Taxes Receivable-Current 2,280,000 Allowance for Uncollectible Current Taxes 45,600 Revenues 2,234,400 Governmental Activities Taxes Receivable-Current 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. 4 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 year-end. Record the $2,040,000 of current taxes, $386,270 of delinquent taxes, and $20,870 of interest and penalties collected. 5a General Fund Cash 2,447,140 Taxes Receivable-Current 2,040,000 Taxes Receivable-Delinquent 386,270 Interest and Penalties Receivable 20,870 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. Deferred Inflows of Resources-Unavailable Revenues 407,140 Revenues 407,140 5c Governmental Activities Record the $2,040,000 of current taxes, $386,270 of delinquent taxes, and $20,870 of interest and penalties collected, Cash 2,447,140 Taxes Receivable-Current 2,040,000 Taxes Receivable-Delinquent 386,270 Interest and Penalties Receivable 20,870 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. No Journal Entry Required 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. 6 General Fund Interest and Penalties Receivable 38,730 Allowance for Uncollectible Interest and Penalties 11,619 Revenues 27,111 Governmental Activities Interest and Penalties Receivable 38,730 Allowance for Uncollectible Interest and Penalties 11,619 General Revenues 27.111 7. Because of a change in state law, the city was notified that it will receive $86,000 less in intergovernmental revenues than was budgeted. 7 General Fund Budgetary Fund Balance 86,000 Estimated Revenues 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. 8 General Fund Allowance for Uncollectible Delinquent Taxes 13,001 Allowance for Uncollectible Interest and Penalties 968 Taxes Receivable-Delinquent 13,001 Interest and Penalties Receivable 968 Governmental Activities Allowance for Uncollectible Delinquent Taxes 13,001 Allowance for Uncollectible Interest and Penalties 968 Taxes Receivable-Delinquent 13,001 Interest and Penalties Receivable 968 9. Total payroll during the year was $849,490. Of that 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. 9 General Fund Expenditures 849,490 Due to Federal Government 172,400 Due to State Government 34,700 Cash 642,390 Governmental Activities Expenses 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. 10 General Fund Expenditures 65,690 Due to Federal Government 65,690 Governmental Activities Expenses 65,690 Due to Federal Government 65,690 11. Revenues from sources other than taxes were collected in the amount of $950,000. 11 General Fund Cash 950,000 Revenues 950,000 Governmental Activities Cash 950,000 General Revenues 950,000 12. Amounts due the federal government as of June 30, 2020, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 12 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 Due to State Government 34,700 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 13b Record the total expenditures against vouchers payable for 2020. Expenditures 2,017,570 Vouchers Payable 2,017,570 13c Governmental Activities Record the total expenses against vouchers payable for 2020. Expenses 2,017,570 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). 14 General Fund Vouchers Payable 2,331,660 Cash 2,323,330 Expenditures 8,330 Governmental Activities Vouchers Payable 2,331,660 Cash 2,323,330 Expenses 8,330 15. The tax anticipation note of $570,000 was repaid. 15. General Fund Tax Anticipation Notes Payable 570,000 Cash 570,000 Governmental Activities Tax Anticipation Notes Payable 570,000 Cash 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 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. 1 General Fund Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent 240,000 Taxes Receivable--Current 240,000 16b 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 16c Record the deferred inflow of resource Revenues 221,511 Deferred Inflows of Resources-Unavailable Revenues 221,511 16d Governmental Activities Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent 240,000 Taxes Receivable-Current 240,000 16e 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 16f Record the deferred inflow of resource No Journal Entry Required 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 i used at the government-wide level. (Note: A periodic inventory system is used both in the General Fund and at the government-wide 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.) 17 General Fund Inventory of Supplies 3,300 Fund Balance-Nonspendable-Inventory of Supplies 3,300 Governmental Activities No Journal Entry 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. Transactions Fund General Journal Debit Credit 1. Record the closure of budgetary statements account. 1 General Fund Appropriations 3,157,000 Estimated Revenues 3,114,000 Budgetary Fund Balance 43,000 2. Record the closure of operating statements account. 2 General Fund Revenues 3,397,140 Expenditures 2,937,720 Fund Balance-Unassigned 459,420 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account. 1 General Fund Appropriations Estimated Revenues Budgetary Fund Balance 3,157,000 3,114,000 43,000 2 3,397,140 2. Record the closure of operating statements account. General Fund Revenues Expenditures Fund Balance-Unassigned 2,937,720 459,420 $ $ 0 0 0 OOO 0 CITY OF CASTLETON General Fund Balance Sheet As of June 30, 2020 Assets Cash Taxes Receivable-Delinquent Less: Allowance for Uncollectible TaxesDelinquent Interest and Penalties Receivable Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Total Assets Liabilities and Fund Balances Liabilities: Vouchers Payable Deferred Inflows of ResourcesUnavailable Revenues Total Liabilities and Deferred Inflows of Resources Fund Balances: Nonspendable-Inventory of Supplies Unassigned Total Fund Balances Total Liabilities and Fund Balances $ 0 $ 0 $ 0 0 0 $ 0 Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. 69 CITY OF CASTLETON General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 2020 Revenues Taxes 0 X Interest and Penalties on Taxes 0% Other Sources 0 Total Revenues 0 Expenditures Salaries and Wages 0 Interest on Note Payable 0X Other 0X Total Expenditures 0 Excess of Revenues over Expenditures 0 % Increase in Inventory of Supplies Fund Balances, July 1, 2019 Fund Balances, June 30, 2020 GA 0
