Part 2 Operating Transactions and Financial Statements

The City of Waldorfs General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year:

	Debits				Credits
Cash	$	470,000
Sales Taxes Receivable		26,000
Taxes ReceivableDelinquent		598,000
Allowance for Uncollectible Delinquent Taxes					$	204,000
Interest and Penalties Receivable		27,780
Allowance for Uncollectible Interest and Penalties						12,660
Inventory of Supplies		17,600
Vouchers Payable						163,500
Due to Federal Government						74,490
Deferred Inflows of ResourcesUnavailable Revenues						456,000
Fund BalanceNonspendableInventory of Supplies						17,600
Fund BalanceUnassigned						211,130
	$	1,139,380			$	1,139,380

Required

a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023.

b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only.

Because of a change in state law, the city was notified that it will receive $110,000 less in intergovernmental revenues than was budgeted.