Please do complete part B, C, and D.

The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year. Credits Debits $ 468,000 597,000 $ 191, 120 27,680 12,560 Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources- Unavailable Revenue Fund Balance-Nonspendable Inventory of Supplies Fund Balance-Unassigned 17,500 162,500 73,490 431,000 17,500 232,010 $1,110,180 $1,110,180 a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2020. b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. c. Prepare a General Fund balance sheet as of June 30, 2020. d. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. Credit Fund / Transaction Governmental General Journal Debit Activties 1. The budget for FY 2020 provided for General Fund estimated revenues totaling $3,420,000 and appropriations totaling $3,366,000. 1 General Fund Estimated Revenues 3,420,000 Appropriations Budgetary Fund Balance pool 3,366,000 54.000 ol Governmental Activities No Journal Entry Required 2. The city council authorized temporary borrowing of $480,000 in the form of a 120-day tax anticipation note. The loan was obtained from a local bank at a discount of 5 percent per annum (debit Expenditures for the discount in the General Fund journal and Expenses-General Government in the governmental activities journal). 2 General Fund Cash 472.000 Expenditures 8,000 Tax Anticipation Notes Payable 480.000 OOO Governmental Activities Cash 472.000 8,000 Expenses Tax Anticipation Notes Payable 480.000 3. The property tax levy for FY 2020 was recorded. Net assessed valuation of taxable property for the year was $48,200,000, and the tax rate was $5 per $100. It was estimated that 2 percent of the levy would be uncollectible. 3 General Fund Taxes Receivable-Current 2,410,000 Allowance for Uncollectible Current Taxes 48,200 Revenues 2,361,800 OOO Governmental Activities 2,410,000 Taxes Receivable-Current Allowance for Uncollectible Current Taxes General Revenues >100 48,200 2,361,800 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,200,000 4 General Fund Encumbrances Encumbrances Outstanding 2,200,000 2,200,000 Governmental Activities No Journal Entry Required 5. $2,190,000 of current taxes, $397,270 of delinquent taxes, and $21,970 of interest and penalties were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end. Record the $2.190,000 of current taxes, $397,270 of delinquent taxes, and $21.970 of interest and penalties collected. 5a General Fund Cash 2,609,240 Taxes Receivable-Current 2,190,000 Taxes Receivable-Delinquent 397.270 Interest and Penalties Receivable 21,970 OOO 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. Deferred Inflows of Resources-Unavailable Revenues 419,240 Revenues 419,240 OO 5c Governmental Activities Record the $2.190,000 of current taxes, $397,270 of delinquent taxes, and $21.970 of interest and penalties collected Cash 2,609,240 Taxes Receivable-Current 2,190,000 Taxes Receivable-Delinquent 397 270 Interest and Penalties Receivable 21,970 olololol 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. No Journal Entry Required Governmental Activities 959.490 Expenses Due to Federal Government Due to State Government Cash OOO 194.400 35,800 ololo 729,290 10. The employer's FICA tax liability was recorded for $76,690. 10 General Fund Expenditures Due to Federal Government 76,690 lol 76,690 Governmental Activities 76,690 Expenses Due to Federal Government 76.690 11. Revenues from sources other than taxes were collected in the amount of $961,000. 11 General Fund Cash Revenues 961.000 pol 961.000 Governmental Activities Cash 961.000 General Revenues 961.000 12. Amounts due the federal government as of June 30, 2020, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 12 General Fund Due to Federal Government 344,580 Due to State Government 35,800 Vouchers Payable 380.380 OOO Oo Governmental Activities 344.580 Due to Federal Government Due to State Government Vouchers Payable ololo 35.800 380,380 13. Purchase orders and contracts encumbered in the amount of $2.128,040 were filled at a net cost of $2,127,570, which was vouchered. 13a General Fund Record the encumbrances outstanding for 2020. Encumbrances Outstanding 2,128,040 Encumbrances olol 2,128.040 13b Record the total expenditures against vouchers payable for 2020. Expenditures Vouchers Payable 2,127,570 2,127.570 13c Governmental Activities Record the total expenses against vouchers payable for 2020. Expenses Vouchers Payable 2,127,570 2,127,570 14. Vouchers payable totaling $2,441,660 were paid after deducting a credit for purchases discount of $9.430 (credit Expenditures). 14 General Fund Vouchers Payable 2,441,660 Cash Expenditures OOO 2.432. 230 9.430 Governmental Activities Vouchers Payable 2,441,660 Cash Expenses OO 2,432,230 9.430 15. The tax anticipation note of $480,000 was repaid. 15 General Fund Tax Anticipation Notes Payable Cash 480.000 lolo 480,000 Governmental Activities 480.000 Tax Anticipation Notes Payable Cash 480.000 16. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivables and related uncollectibles were transferred to delinquent accounts. The City uses the 60-day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal year, 16a General Fund Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent 220.000 Taxes Receivable-Current 220.000 16b Record the adjustment for the delinquent amount of tax against the allowance. Allowance for Uncollectible Current Taxes Allowance for Uncollectible Delinquent Taxes 48.200 lolos 48.200 160 Record the deferred inflow of resource Revenues Deferred Inflows of Resources-Unavailable Revenues 201.680 OO 201,680 16d Governmental Activities Record the delinquent amount of unpaid property taxes. Taxes Receivable-Delinquent Taxes ReceivableCurrent 220.000 220,000 16e Record the adjustment for the delinquent amount of tax against the allowance. Allowance for Uncollectible Current Taxes Allowance for Uncollectible Delinquent Taxes 48,200 OO 48,200 161 Record the deferred inflow of resource No Journal Entry Required 17. A physical inventory of materials and supplies at June 30, 2020, showed a total of $21,900. Inventory is recorded using the purchases method in the General Fund, the consumption method is used at the government-wide level. (Note: A periodic inventory system is used both in the General Fund and at the government-wide level. When inventory was purchased during the year. Expenditures were debited in the General Fund journal and Inventory of Supplies was debited in the govemmental activities journal. Recorded entry to reclassify the fund balance.) 17 General Fund Inventory of Supplies 4,400 Fund Balance-NonspendableInventory of Supplies 4.400 Governmental Activities No Journal Entry Required Required A Required B Required C Required D Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.). Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account. 1 General Fund Appropriations Estimated Revenues Budgetary Fund Balance 3,366,000 3,312.000 54.000 2. Record the closure of operating statements account. General 2 Fund Revenues Expenditures Fund Balance Unassigned lol Required A Required B Required c Required D Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. CITY OF CASTLETON General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 2020 Revenues Taxes Interest and Penalties on Taxes Other Sources Total Revenues 0 Expenditures Salaries and Wages Interest on Note Payable Other Total Expenditures $ 0 Excess of Revenues over Expenditures Increase in Inventory of Supplies Fund Balances, July 1, 2019 Fund Balances, June 30, 2020 $ 0