Needing help with the general ledger

The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $583,000 ok $21 , . (37, hee) 173,000 nces 5,200 (950) CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable Less: Estimated uncollectible taxes Net Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable Due to other funds Total liabilities Deferred inflows - Property taxes Fund equity: Fund balance-assigned (for outstanding encumbrances) Fund balance-unassigned Total fund balance Total liabilities, deferred inflows, and fund equity 4,250 284,000 $884,250 $ 99,000 27,000 126,000 21,000 $ 19,000 718,250 737,250 $884,250 CE 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 $7000,000 was made. It is estimated that 24 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 amourits in supply Inventories and it is the practice of the City to charge supplies to expenditure when received 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; o 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 ability, the balance was paid in cash. The encumbrance system is not used for payrolls ww The labity for the city's share of FICA and Medicare taxes, $390.915, was recorded as was the ability for state unemployment 112) Involces 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 (13) Tax anticipation notes were paid at matutity, 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 $1662,000 for the recurring payment of principal and interest (18) All requlted 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 (20) interest and penalties receivable on taces were accrued in the amount of $12.200: $1100 of this amount is expected to be uncollectible (20) it is estimated that $12.500 of the outstanding taxes tecelvable will be collected more than 60 days beyond the fiscal year-end. b. Post the entries to the general ledger c. Prepare the Journal Entries for Closing, and post the Closing Entries for the General Fund into the previous Account tab. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $583,000 ok $21 , . (37, hee) 173,000 nces 5,200 (950) CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable Less: Estimated uncollectible taxes Net Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable Due to other funds Total liabilities Deferred inflows - Property taxes Fund equity: Fund balance-assigned (for outstanding encumbrances) Fund balance-unassigned Total fund balance Total liabilities, deferred inflows, and fund equity 4,250 284,000 $884,250 $ 99,000 27,000 126,000 21,000 $ 19,000 718,250 737,250 $884,250 CE 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 $7000,000 was made. It is estimated that 24 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 amourits in supply Inventories and it is the practice of the City to charge supplies to expenditure when received 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; o 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 ability, the balance was paid in cash. The encumbrance system is not used for payrolls ww The labity for the city's share of FICA and Medicare taxes, $390.915, was recorded as was the ability for state unemployment 112) Involces 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 (13) Tax anticipation notes were paid at matutity, 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 $1662,000 for the recurring payment of principal and interest (18) All requlted 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 (20) interest and penalties receivable on taces were accrued in the amount of $12.200: $1100 of this amount is expected to be uncollectible (20) it is estimated that $12.500 of the outstanding taxes tecelvable will be collected more than 60 days beyond the fiscal year-end. b. Post the entries to the general ledger c. Prepare the Journal Entries for Closing, and post the Closing Entries for the General Fund into the previous Account tab. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance