Journal entries for transactions and events involving opening balances

The General Fund post closing trial balance of the City of Rollins Heights showed the following balances on December 31, 2022:

DebitCreditCash65000Property taxes receivabledelinquent45000Allowance for uncollectible taxesdelinquent8000Vouchers payable25000Deferred inflow of resourcesunavailable property taxes15000Assigned fund balance12000Unassigned fund balance50000110000110000

Prepare entries in 2023 to record the following transactions and events applicable to the foregoing account balances:

1. Rollins Heights collected $40,000 of delinquent property taxes during 2023. The remaining balance of the delinquent property taxes outstanding at the beginning of the year was written off as uncollectible.

Deferred inflows of resourcesunavailable property taxes at the beginning of the year were recognized as revenue.

2. The Assigned fund balance at the beginning of the year represented outstanding encumbrances that lapsed at year-end. The purchase orders that had been encumbered will be charged against 2023 appropriations.