One State and Local Governments 2. Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments. 3. Property taxes in the amount of $1,020,000 were levied (no estimate for uncollectible accounts has been made. 4. Property taxes in the amount of $1,019,000 were collected. 5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. 6. Adjusting entries were made and uncollected taxes receivable were re- classified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.)