I post all the information I have This question requires someone who is an expert in Governmental accounting Thanks Hi, I need help with General Fund T Accounts Balance Sheet Thanks I provided all the information that I have You don't have to do the General entries and closing entries I only need T accounts and the numbers for the balance sheet Thank you The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash $ 503,000 Taxes receivable $ 210,000 Less Estimated uncollectible taxes (37,000 ) Net 173,000 Interest and penalties receivable on taxes 5,200 Less Estimated uncollectible interest and penalties (950 ) Net 4,250 Due from state government 204,000 Total assets $ 884,250 Liabilities, Deferred Inflows, and Fund Equity Liabilities Accounts payable $ 99,000 Due to other funds 27,000 Total liabilities 126,000 Deferred inflows Property taxes 21,000 Fund equity Fund balanceassigned (for outstanding encumbrances) $ 19,000 Fund balanceunassigned 718,250 Total fund balance 737,250 Total liabilities, deferred inflows, and fund equity $ 884,250 3 C This portion of the continuous problem continues the General Fund example by requiring the recording and posting of the budgetary entries To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances Subsidiary accounts are not required Budget information for the City includes (1) As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest Record the budget for the General Fund and post to the ledger 4C Part 1 General Fund Transactions Required a Record journal entries for the following transactions for FY 2020 Journal entry explanations are not required Use control accounts for revenues, expenditures and budgetary accounts It is not necessary to reflect subsidiary ledger entries (2) Encumbrances of $19,000 for purchase orders outstanding at the end of 2019 were re established (3) The January 1, 2020, balance in Deferred Inflows Property Taxes relates to the amount of the 2019 levy that was expected to be collected more than 60 days after December 31 This amount should be recognized as 2020 revenues (4) A general tax levy in the amount of $7,000,000 was made It is estimated that 2 percent (0 0225) of the tax will be uncollectible (5) Tax anticipation notes in the amount of $500,000 were issued (6) Goods and supplies related to all encumbrances outstanding as of December 31, 2019 were received, along with invoices amounting to $18,700 The invoices were approved for payment The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure when received (7) All accounts payable and the amount due other funds were paid (8) The General Fund collected the following in cash prior year taxes, $158,000 interest and penalties receivable on prior year taxes, $3,500 current taxes, $6,400,000 $204,000 previously recorded as due from the state government licenses and permits, $800,000 sales taxes, $2,890,000 and Miscellaneous revenues, $350,000 (9) Purchase orders and contracts were issued in the amount of $3,465,000 (10) Payrolls for the General Fund totaled $5,110,000 Of that amount, $498,000 were withheld for employees federal income taxes and $390,915 were withheld for employees FICA and Medicare tax liability the balance was paid in cash The encumbrance system is not used for payrolls (11) The liability for the citys share of FICA and Medicare taxes, $390,915, was recorded as was the liability for state unemployment taxes in the amount of $28,000 (12) Invoices for most of the supplies and services ordered in transaction 8 were received in the amount of $3,375,300 and approved for payment The related encumbrance amounted to $3,407,000 (13) Tax anticipation notes were paid at maturity, along with interest in the amount of $18,000 (14) Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year (15) The General Fund recorded a liability to the Water and Sewer Fund for services in the amount of $37,000 and to the Stores and Services Fund for supplies in the amount of $313,200 $310,000 of the amount due the Stores and Services Fund was paid (16) The General Fund recorded an amount due of $48,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year (17) The General Fund paid accounts payable in the amount of $3,175,000 and paid the amounts due to the federal and state governments The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and interest (18) All required legal steps were accomplished to increase appropriations by the net amount of $109,000 Estimated revenues were increased by $73,000 (19) The City Council authorized a write off of $51,000 in delinquent property taxes and corresponding interest and penalties amounting to $1,600 (20) Interest and penalties receivable on taxes were accrued in the amount of $17,200 $1,100 of this amount is expected to be uncollectible (21) It is estimated that $17,500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year end b Post the entries to the general ledger c Prepare and post the closing entries for the General Fund Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance d Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2020 Confirm that the revenue and expenditure control accounts agree with the following detail (amounts are assumed) and use this information in the Statement Revenues Expenditures Property Taxes $ 6,846,000 General Government $ 1,682,915 Sales Taxes 2,938,000 Public Safety 3,066,900 Interest and Penalties on Taxes 16,100 Highways and Streets 1,441,400 Licenses and Permits 800,000 Sanitation 591,400 Intergovernmental Revenue 332,000 Health 724,100 Miscellaneous Revenue 350,000 Welfare 374,300 Culture and Recreation 917,300 Capital Outlay 492,800 Total $ 11,282,100 Total $ 9,291,115 e Prepare a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2020 Complete this question by entering your answers in the tabs below General Fund Entries General Fund T Accounts Closing Entries Stmt of Rev and Exp Balance Sheet Post the entries to the general ledger (Round your final answers to the nearest whole dollar ) General Fund General Fund Entries TAccounts Closing Entries Stmt of Rev and Exp Balance Sheet Post the entries to the general ledger (Round your final answers to the nearest whole dollar ) Cash Taxes Receivable Beg bal Beg bal End bal End bal Estimated Uncollectible Taxes Interest and Penalties Receivable Beg bal Beg bal End bal End bal Estimated Uncollectible Interest Penalties Due from State Government Beg bal Beg bal End bal End bal Accounts Payable Tax Anticipation Note Payable Beg bal Beg bal End bal End bal Due to other Funds Due to Federal Government Beg bal Beg bal End bal End bal Due to State Government Deferred Inflows Property Taxes Beg bal Beg bal End bal End bal Total Fund Balance (Preclosing) Revenues Control Beg bal Beg bal End bal End bal Expenditures Control Other Financing Uses Control Beg bal Beg bal End bal End bal Appropriations Control Estimated Revenues Control 1,068,000 Beg bal Beg bal End bal 1,068,000 End bal Estimated Other Financing Uses Control Budgetary Fund Balance Beg bal Beg bal End bal End bal Encumbrances Control Budgetary Fund Balance Reserve for Encumbrances Beg bal Beg bal End bal End bal Budgetary Fund Balance (Closing) Fund Balance (Closing) Beg bal Beg bal Preclosing Preclosing End bal End bal General Fund General Fund Entries T Accounts Closing Entries Stmt of Rev and Exp Balance Sheet Prepare a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2020 (Ro the nearest whole dollar ) CITY OF MONROE General Fund Balance Sheet As of December 31, 2020 Assets Cash Taxes Receivable Delinquent Less Estimated Uncollectibles Interest and Penalties Receivable on Taxes Less Estimated Uncollectibles Due from State Government Total Assets S 0 Liabilities and Fund Equity Liabilities Accounts Payable Due to Other funds S 0 Total Liabilities Deferred Inflows Property Taxes Fund Equity Fund Balance Assigned (for outstanding encumbrances) Fund Balance Unassigned 0 Total Fund Equity Total Liabilities, Deferred Inflows, and Fund Equity S 0 General Fund General Fund Entries TAccounts Closing Entries Stmt of Rev and Exp Balance Sheet Post the entries to the general ledger (Round your final answers to the nearest whole dollar ) Cash Taxes Receivable Beg bal Beg bal End bal End bal Estimated Uncollectible Taxes Interest and Penalties Receivable Beg bal Beg bal End bal End bal Estimated Uncollectible Interest Penalties Due from State Government Beg bal Beg bal End bal End bal Accounts Payable Tax Anticipation Note Payable Beg bal Beg bal End bal End bal Due to other Funds Due to Federal Government Beg bal Beg bal End bal End bal Due to State Government Deferred Inflows Property Taxes Beg bal Beg bal End bal End bal Total Fund Balance (Preclosing) Revenues Control Beg bal Beg bal End bal End bal Expenditures Control Other Financing Uses Control Beg bal Beg bal End bal End bal Appropriations Control Estimated Revenues Control 1,068,000 Beg bal Beg bal End bal 1,068,000 End bal Estimated Other Financing Uses Control Budgetary Fund Balance Beg bal Beg bal End bal End bal Encumbrances Control Budgetary Fund Balance Reserve for Encumbrances Beg bal Beg bal End bal End bal Budgetary Fund Balance (Closing) Fund Balance (Closing) Beg bal Beg bal Preclosing Preclosing End bal End bal General Fund General Fund Entries T Accounts Closing Entries Stmt of Rev and Exp Balance Sheet Prepare a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2020 (Ro the nearest whole dollar ) CITY OF MONROE General Fund Balance Sheet As of December 31, 2020 Assets Cash Taxes Receivable Delinquent Less Estimated Uncollectibles Interest and Penalties Receivable on Taxes Less Estimated Uncollectibles Due from State Government Total Assets S 0 Liabilities and Fund Equity Liabilities Accounts Payable Due to Other funds S 0 Total Liabilities Deferred Inflows Property Taxes Fund Equity Fund Balance Assigned (for outstanding encumbrances) Fund Balance Unassigned 0 Total Fund Equity Total Liabilities, Deferred Inflows, and Fund Equity S 0

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I post all the information I have. This question requires someone who is an expert in Governmental accounting. Thanks. Hi, I need help with General

I post all the information I have. This question requires someone who is an expert in Governmental accounting. Thanks.

Hi, I need help with General Fund T Accounts & Balance Sheet. Thanks. I provided all the information that I have. You don't have to do the General entries and closing entries. I only need T accounts and the numbers for the balance sheet. Thank you.

The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow.

CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2019
Assets
Cash				$	503,000
Taxes receivable	$	210,000
Less: Estimated uncollectible taxes		(37,000	)
Net					173,000
Interest and penalties receivable on taxes		5,200
Less: Estimated uncollectible interest and penalties		(950	)
Net					4,250
Due from state government					204,000
Total assets				$	884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable				$	99,000
Due to other funds					27,000
Total liabilities					126,000
Deferred inflows Property taxes					21,000
Fund equity:
Fund balanceassigned (for outstanding encumbrances)	$	19,000
Fund balanceunassigned		718,250
Total fund balance					737,250
Total liabilities, deferred inflows, and fund equity				$	884,250

3-C. This portion of the continuous problem continues the General Fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: (1) As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. 4C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2020. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.

(2) Encumbrances of $19,000 for purchase orders outstanding at the end of 2019 were re-established.
(3) The January 1, 2020, balance in Deferred Inflows Property Taxes relates to the amount of the 2019 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2020 revenues.
(4) A general tax levy in the amount of $7,000,000 was made. It is estimated that 2 percent (0.0225) of the tax will be uncollectible.
(5) Tax anticipation notes in the amount of $500,000 were issued.
(6) Goods and supplies related to all encumbrances outstanding as of December 31, 2019 were received, along with invoices amounting to $18,700. The invoices were approved for payment. The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure when received.
(7) All accounts payable and the amount due other funds were paid.
(8) The General Fund collected the following in cash:
- prior year taxes, $158,000;
- interest and penalties receivable on prior year taxes, $3,500;
- current taxes, $6,400,000;
- $204,000 previously recorded as due from the state government;
- licenses and permits, $800,000;
- sales taxes, $2,890,000; and
- Miscellaneous revenues, $350,000.
(9) Purchase orders and contracts were issued in the amount of $3,465,000.
(10) Payrolls for the General Fund totaled $5,110,000. Of that amount, $498,000 were withheld for employees federal income taxes and $390,915 were withheld for employees FICA and Medicare tax liability; the balance was paid in cash. The encumbrance system is not used for payrolls.
(11) The liability for the citys share of FICA and Medicare taxes, $390,915, was recorded as was the liability for state unemployment taxes in the amount of $28,000.
(12) Invoices for most of the supplies and services ordered in transaction 8 were received in the amount of $3,375,300 and approved for payment. The related encumbrance amounted to $3,407,000.
(13) Tax anticipation notes were paid at maturity, along with interest in the amount of $18,000.
(14) Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year.
(15) The General Fund recorded a liability to the Water and Sewer Fund for services in the amount of $37,000 and to the Stores and Services Fund for supplies in the amount of $313,200; $310,000 of the amount due the Stores and Services Fund was paid.
(16) The General Fund recorded an amount due of $48,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year.
(17) The General Fund paid accounts payable in the amount of $3,175,000 and paid the amounts due to the federal and state governments. The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and interest.
(18) All required legal steps were accomplished to increase appropriations by the net amount of $109,000. Estimated revenues were increased by $73,000.
(19) The City Council authorized a write-off of $51,000 in delinquent property taxes and corresponding interest and penalties amounting to $1,600.
(20) Interest and penalties receivable on taxes were accrued in the amount of $17,200; $1,100 of this amount is expected to be uncollectible.
(21) It is estimated that $17,500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year-end.

b. Post the entries to the general ledger. c. Prepare and post the closing entries for the General Fund. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance. d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2020. Confirm that the revenue and expenditure control accounts agree with the following detail (amounts are assumed) and use this information in the Statement:

Revenues			Expenditures
Property Taxes	$	6,846,000	General Government	$	1,682,915
Sales Taxes		2,938,000	Public Safety		3,066,900
Interest and Penalties on Taxes		16,100	Highways and Streets		1,441,400
Licenses and Permits		800,000	Sanitation		591,400
Intergovernmental Revenue		332,000	Health		724,100
Miscellaneous Revenue		350,000	Welfare		374,300
			Culture and Recreation		917,300
			Capital Outlay		492,800
Total	$	11,282,100	Total	$	9,291,115

e. Prepare a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2020.

Complete this question by entering your answers in the tabs below.

General Fund Entries
General Fund T Accounts
Closing Entries
Stmt of Rev and Exp
Balance Sheet

Post the entries to the general ledger. (Round your final answers to the nearest whole dollar.)

image text in transcribed

General Fund General Fund Entries TAccounts Closing Entries Stmt of Rev and Exp Balance Sheet Post the entries to the general ledger. (Round your final answers to the nearest whole dollar.) Cash Taxes Receivable Beg.bal. Beg bal. End bal. End.bal. Estimated Uncollectible Taxes Interest and Penalties Receivable Beg bal. Beg.bal. End.bal. End.bal. Estimated Uncollectible Interest & Penalties Due from State Government Beg.bal. Beg.bal. End.bal. End bal. Accounts Payable Tax Anticipation Note Payable Beg bal. Beg bal. End.bal. End.bal. Due to other Funds Due to Federal Government Beg.bal. Beg bal. End.bal. End.bal Due to State Government Deferred Inflows-Property Taxes Beg bal. Beg bal. End.bal. End.bal. Total Fund Balance (Preclosing) Revenues Control Beg.bal. Beg.bal. End.bal. End.bal. Expenditures Control Other Financing Uses Control Beg.bal Beg.bal. End.bal. End.bal. Appropriations Control Estimated Revenues Control 1,068,000 Beg.bal. Beg bal. End.bal. 1,068,000 End.bal. Estimated Other Financing Uses Control Budgetary Fund Balance Beg bal. Beg.bal End.bal. End.bal. Encumbrances Control Budgetary Fund Balance-Reserve for Encumbrances Beg.bal. Beg.bal. End.bal. End.bal. Budgetary Fund Balance (Closing) Fund Balance (Closing) Beg bal. Beg.bal. Preclosing Preclosing End.bal. End.bal. General Fund General Fund Entries T Accounts Closing Entries Stmt of Rev and Exp Balance Sheet Prepare a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2020. (Ro the nearest whole dollar.) CITY OF MONROE General Fund Balance Sheet As of December 31, 2020 Assets Cash Taxes Receivable - Delinquent Less: Estimated Uncollectibles Interest and Penalties Receivable on Taxes Less: Estimated Uncollectibles Due from State Government Total Assets S 0 Liabilities and Fund Equity Liabilities Accounts Payable Due to Other funds S 0 Total Liabilities Deferred Inflows Property Taxes Fund Equity Fund Balance - Assigned (for outstanding encumbrances) Fund Balance - Unassigned 0 Total Fund Equity Total Liabilities, Deferred Inflows, and Fund Equity S 0 General Fund General Fund Entries TAccounts Closing Entries Stmt of Rev and Exp Balance Sheet Post the entries to the general ledger. (Round your final answers to the nearest whole dollar.) Cash Taxes Receivable Beg.bal. Beg bal. End bal. End.bal. Estimated Uncollectible Taxes Interest and Penalties Receivable Beg bal. Beg.bal. End.bal. End.bal. Estimated Uncollectible Interest & Penalties Due from State Government Beg.bal. Beg.bal. End.bal. End bal. Accounts Payable Tax Anticipation Note Payable Beg bal. Beg bal. End.bal. End.bal. Due to other Funds Due to Federal Government Beg.bal. Beg bal. End.bal. End.bal Due to State Government Deferred Inflows-Property Taxes Beg bal. Beg bal. End.bal. End.bal. Total Fund Balance (Preclosing) Revenues Control Beg.bal. Beg.bal. End.bal. End.bal. Expenditures Control Other Financing Uses Control Beg.bal Beg.bal. End.bal. End.bal. Appropriations Control Estimated Revenues Control 1,068,000 Beg.bal. Beg bal. End.bal. 1,068,000 End.bal. Estimated Other Financing Uses Control Budgetary Fund Balance Beg bal. Beg.bal End.bal. End.bal. Encumbrances Control Budgetary Fund Balance-Reserve for Encumbrances Beg.bal. Beg.bal. End.bal. End.bal. Budgetary Fund Balance (Closing) Fund Balance (Closing) Beg bal. Beg.bal. Preclosing Preclosing End.bal. End.bal. General Fund General Fund Entries T Accounts Closing Entries Stmt of Rev and Exp Balance Sheet Prepare a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2020. (Ro the nearest whole dollar.) CITY OF MONROE General Fund Balance Sheet As of December 31, 2020 Assets Cash Taxes Receivable - Delinquent Less: Estimated Uncollectibles Interest and Penalties Receivable on Taxes Less: Estimated Uncollectibles Due from State Government Total Assets S 0 Liabilities and Fund Equity Liabilities Accounts Payable Due to Other funds S 0 Total Liabilities Deferred Inflows Property Taxes Fund Equity Fund Balance - Assigned (for outstanding encumbrances) Fund Balance - Unassigned 0 Total Fund Equity Total Liabilities, Deferred Inflows, and Fund Equity S 0