Please help me prepare the journal entries for city of Bingham, chapter 4 2020

Bingham each entry affecting budgetary accounts or operating statement accounts, the Detail Journal will automatically open to allow you to cord the appropriate amounts in the detail budgetary or actual accounts, as was the case in Chapter 3. 1 Para, 48-1) Property taxes were levied in the amount of $7075.000. It is estimated that 4 percent of the tax will be uncollectible Required: Record this transaction in both the General Fund and governmental activities journal. Record the tax levy as a revenue in both journals: you will adjust for unavailable revenues at year end. (Note: Type 4a-1 as the paragraph number in the Add description] box for this entry, 4a-2 for the next transaction, etc. Careful referencing by paragraph number is very helpful should you need to determine where you may have omitted a required journal entry or made an error) Select Accrued Revenue in the drop down (Description) menu in the Detail Journal related to the General Fund entry 2. [Para, 48-2] Tax anticipation notes were issued in the amount of $500,000 Required: Record the issuance of this note in both the General Fund and governmental activities general journals. [Para 4a-3] Purchase orders, contracts, and other commitment documents were issued in the following amounts for the following functions: General Government Public Safety Public Works Health and Welfare Culture and Recreation $ 395,000 1.095,000 985,750 665,725 625,125 MacBook Air w Cities of Smithville and Bingham - Govermental Accounting ans ithville Bingham Miscellaneous 98.000 Total $3,864,600 Required: Record the encumbrances in the General Fund general journal and Detail Journal as appropriate. In the Detail Journal select "Purchase Orders from the drop down [Description) menu. [Para 40-4] Grant funds of $30,000 recorded as Deferred Inflows of Resources at the end of FY 2019 were recognized as revenue when timing requirements were met Required: Record the revenue in both the General Fund and governmental activities general journals by debiting Deferred Inflows of Resources and crediting Revenue. Select "Previous Deferral" in the drop down (Description menu in the Detal Journal (This amount was included in the budget as Intergovernmental Revenue in the General Fund) At the government wide level the grant funds can be recognized as a revenue now that all eligibility requirements have been met (see Chapter 4 Appendix Al and should be classified as Program Revenues Culture and Recreation Operating Grants and Contributions 5. Para 48-51 The General Fund paid $165,000 on the vouchers payable that were outstanding at the end of FY 2019 Required: Record the payment of this amount in both the General Fund and governmental activities general journals. 6. [Para 40-6] The General Fund collected the following amounts in cash Current year Real Property Taxes Delinquent Taxes Interest and Penalties Receivable on Taxes $6.484,000 348,000 23.860 MacBook Air AUTOIP Cities of Smile and Bingham - Govermental Accounting tructions Smithville Bingham In a Sales Taxes Licenses and Permits Fines and Forfeits Intergovernmental Revenues 748,000 479.000 519.000 515,000 361.000 226,500 Charges for Services Miscellaneous Revenues Total $9,704360 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals (Select "Received in Cash in the drop down Description menu in the Detail Journal related to the General Fund revenue entries) For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue Charges for Services Fines and forfets were collected by General Government departments in the amount of $200,000 and by Public Safety departments in the amount of $319.000. Intergovernmental Revenues should be credited to "Program Rovenues-General Government-Operating Grants and Contributions. In addition to the cash collection, remember to recognize revenue in the General Fund for the delinquent taxes and interest and penalties collected by reducing the deferred inflows of resources balance. These revenues were not expected to be collected within 60 days of year end, thus they were not considered available under the modified accrual basis of accounting and were classified as Deferred inflows of Resources in the General Fund. Select "Previous Deferral in the drop down Description menu in the Detail Journal) 7. Para, 4a-7 The General Fund paid the $22.400 reported as Due to Other Funds at the end of FY 2019. This amount was codedes templavables in Business C o mment d e corecard this section in MacBook Air A wille Bingham Cities of this and Birghan Governmental Accounting structions Smithville Bingham TAQ 7. Para 4-7 The General Fund paid the $22.400 reported Due to Other Funds the end of FY 2019 This amount was reported as Internal Payables to Business-type Activities at the government wide level. (Note: Do not record this transaction in the Water Utility Fund until instructed to do so in Chapter 7 of this case.) Required: Record the payment of this amount in both the General Fund and governmental activities general journals. Para 40-8] Delinquent taxes receivable in the amount of $18.000 were written off as unclectible Interest and penalties accrued on these taxes in the amount of $1300 were also written of Required: Record the writeoffs in both the General Fund and governmental activities general journals 9. Para. 4a-9General Fund payrolls for the year totaled $5,673,038. Of that amount. $867975 was withheld for employees' federal income taxes: $964,416 for federal payroll taxes: $324551 for employees' state income taxes: $357312 for retirement funds administered by the state government, and the remaining $3.158.784 was paid to employees in cash The City of Bingham does not record encumbrances for payrols. The payrolls were chargeable against the following functions' appropriations: General Government Public Safety $ 1500,376 2.531644 790,481 401673 Public Works Health and We Ware Culture and Recreation 448 864 Total $5,673,038 MacBook Air "WER ulilole mithileBingham USD Sat 8:29 PM Cities of S ils de instructions X Sentville Bingham LA 55.673.038 Required: Make summary journal entries for payroll in both the General Fund and governmental activities general Journals for the 10. Para 4a-101 Invoices for some of goods and services ordered in transaction4a-3 were received and vouchered for later payment. Select 'Elimination in the drop down Description menu in the Detail Journal Actual $395,040 General Government Public Safety Public Works Estimated $ 394060 1088600 967620 663,600 617.000 98.000 9,928 880 1086,650 962,300 661.200 69.750 98.000 Health and Welfare Culture and Recreation Miscellaneous Totals $3 817 840 Required: Record the receipt of these goods and the related vouchers payable in both the General Fund and governmental activities journals. At the government wide level you should assume the city uses the purchases inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except for $75,000 of playground equipment ordered by Culture and Recreation. The equipment meets the city's threshold for captization debit Equipment for MacBook Air ham Cities of Smithville and Bingham - Goverment Accounting thville Bingham LA V activities journals. At the government-wide level, you should assume the city uses the purchases inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except for $75,000 of playground equipment ordered by Culture and Recreation. The equipment meets the city's threshold for capitalization (debit Equipment for this item at the government-wide level). Record expenditures charged to the miscellaneous appropriation as General Government expenses at the government wide level. 11. [Para. 4a-11] The General Fund paid vouchers during the year in the amount of $3.210,000 as well as its liabilities for employees federal and state income taxes withheld and payroll taxes. Required: Record the payment of these items in both the General Fund and governmental activities general journals. 12. [Para 4a-12] The General Fund transferred $50,000 to the debt service fund so the debt service fund could make a bond interest Payment Required: Record this transaction in the General Fund only. The transaction has no effect at the government-wide level since it occurs between two governmental activities. (Do not record this transaction in the debt service fundunt instructed to do so in Chapter 6 of this case.) 13. [Para, 40-13] Tax anticipation notes issued by the General Fund were paid at maturity at the face amount plus interest of $10,000 Required: Record the payment of these items in both the General Fund and governmental activities general journals. For the General Fund charge Miscellaneous for the interest expenditure. At the government-wide level, debit Expenses--Interest on Tax Anticipation Notes 14. Para 41-14) The General Fund recorded liabilities of $50,000 to other funds for services received from the Water Utility Fund during the year. Of this amount $39.000 should be charged to Public Safety and $11,000 to General Government MacBook Air TAAT Cities of Srithville and ingham - Govermental Accounting Bingham Budget Adjustments Estimated Revenues Property Tax Sales Tax $ 40,000 increase 25.000 decrease 25.000 decrease Interest and Penalties Appropriations: Public Safety General Government $10,000 decrease 5,000 increase Required: Record the budget amendments in the General Fund general journal only. Budgetary items do not affect the government wide accounting records. (Note: Select "Budget Amendment in the Description] field in the Detail Journal) Post al journal entries to the general and subsidiary ledgers: After reviewing al entries for accuracy, including year and paragraph numbers, post all entries to the general ledger accounts and to all subsidiary ledger accounts, by clicking on [Post entries). Also post all entries in the governmental activities journal 18. [Closing Entry Following the instructions in the next paragraph, prepare and post the necessary entries to close the Estimated Revenues, Appropriations, and Estimated Other Financing Uses accounts to Budgetary Fund Balance; and Revenues, Expenditures, and Other Financing Uses to Fund Balance-Unassigned. Because the City of Bingham honors all outstanding encumbrances at year-end, it is not necessary to close Encumbrances to Encumbrances Outstanding at year-end since encumbrances do not affect the General Fund balance sheet or statement of revenues expenditures, and changes in und MacBook Air Bingham mwandice Are ctions Smithville Bingham Required: Record the receipt of these services and the associated ability in the General Fund and governmental activities journals. At the government-wide level the ability should be credited to Internal Payables to Business-type Activities. Do not record these items in the Water Utility Fund until instructed to do so in Chapter 7 of this case 15 Para40-15) The year-end balance of supplies Inventory is $12.000 Required: Adjust the inventory of supplies account in both the General Fund and governmental activities journals. At the government-wide level expenses in General Government can be reduced by $9.000 and Culture and Recreation can be reduced by $3.000. In the General Fund, fund balance should be classified as nonspendable. 16 (Para, 40-16) The balances in the current taxes receivable and related estimated uncollectibles accounts were reclassified as delinquent. Interest and penalties of $56,580 were also recorded on the delinquent taxes, of which $10,500 was estimated to be uncollectible Required: Record this transaction and reclassification in the General Fund and governmental activities journals. Property tax revenues should be reduced and Deferred inflows of Resources should be recorded in the General Fund, since these revenues are considered unavailable under the modified accrual basis of accounting used in governmental funds. Interest and penalties should be recorded as Deferred Inflows of Resources, rather than interest and penalties revenue, in the General Fund. At the government-wide level, the property taxes continue to be included in current year revenue, and interest and penalties are also recorded as current year revenue at the government-wide level) 17. Para 40-17) In view of unexpected revenue and expenditure developments the city council revised the budgets for the current year as shown below: Budget Adjustments MacBook Air Ingham 40 Sat Oties of Seithio and Bingham - Govermental Accounting Etions Smithville Bingham 18. [Closing Entry Following the instructions in the next paragraph, prepare and post the necessary entries to close the Estimated Revenues, Appropriations, and Estimated Other Financing Uses accounts to Budgetary Fund Balance; and Revenues. Expenditures, and Other Financing Uses to Fund Balance-Unassigned. Because the City of Bingham honors all outstanding encumbrances at year-end, it is not necessary to close Encumbrances to Encumbrances Outstanding at year-end since encumbrances do not affect the General Fund balance sheet or statement of revenues, expenditures, and changes in fund balances. However, if you would like to avoid having these accounts appear in the post-closing trial balance, you can opt to close Encumbrances to Encumbrances Outstanding. If the accounts are closed, they would need to be reestablished at the beginning of the next year, although entries are not required in this problem for the next year. To close the temporary accounts, you must click on the box for Closing Entry)"Closing Entry checkbox will appear next to the [Add credit] field. Be sure the checkmark in the box for Closing Entry is showing as selected before closing each individual account. Also, with the exception of Estimated Other Financing Uses-Interfund Transfers Out and Other Financing Uses- Interfund Transfers Out, you will be sent to the Detail Journal where you must close each individual budgetary or operating statement account. To determine the closing amounts for both General Ledger and subsidiary ledger accounts, you should first print the pre-closing version of these ledgers for year 2020 from the Reports) menu. At year-end, an analysis by the city's finance department determined the following constraints on resources in the General Fund. Prepare the appropriate journal entry in the General Fund to reclassify amounts between Fund Balance-Unassigned and the fund balance accounts corresponding to the constraints shown below. (Note: You should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified.) Amount $57,650 Account Fund Balance-Assigned-Culture and Recreation Fund Balance-Assigned-Health and Welfare 25,000 MacBook Air eBingham Cities of thuile and Bingham - Governmental Accounting Cructions Smithville Bingham 12,300 33790 Fund Balance-Committed-Public Safety Fund Balance-Committed-Public Works Fund Balance-Nonspendable--Inventory of Supplies 12.000 Note: DO NOT PREPARE CLOSING ENTRIES FOR GOVERNMENTAL ACTIVITIES AT THIS TIME since governmental activities will not be closed until Chapter 9 after the capital projects fund (Chapter 5) and debt service fund (Chapter 6) transactions affecting governmental activities at the government-wide level have been recorded. Select Export from the drop down [File) menu to create an Excel or other worksheet of the General Fund post-closing trial balance as of December 31, 2020. Use Excel or other spreadsheet software to prepare in good form a balance sheet for the General Fund as of December 31, 2020. Follow the format shown in Illustration 4-4 of Reck, Lowensohn, and Neely, Accounting for Governmental and Nonprofit Entities, 18th edition textbook thereafter referred to as the textbook. Select [Export from the drop down [Flej menu to create an Excel worksheet of the General Fund pre-closing subsidiary ledger account balances for the year 2020. Use Excel or other spreadsheet software to prepare in good form a statement of revenues, expenditures, and changes in fund balances for the General Fund for the year ended December 31, 2020. (See Ilustration 4-5 in the textbook for an example format) d Refer to the General Fund pre-closing subsidiary ledger account balances found in partc above to prepare in good form a statement of revenues, expenditures, and changes in fund balances-budget and actual for the General Fund for the year ended December 31, 2020 (See Illustration 4-6 in the textbook for an example format) Note that the change in inventory balance and accompanying change in nonspendable fund balance see 4a-15) must be included on this statement e. Prepare a reconciliation of total expenditures reported in your solution to part of this problem with the total expenditures and MacBook Air hvillingham Smith structions Smithville Bingham 0. Prepare a reconciliation of total expenditures reported in your solution to part of this problem with the total expenditures and encumbrances reported in your solution to part of this problem (See example in Chapter 4 of the textbook which compares illustrations 4.5 and 4-6) Note: File the printouts of all your exported or printed documents and your completed Mancial statements in your cumulative problem folder until directed by your instructor to submit them, unless your instructor specifies submission of files electronically Before closing the City of Bingham it is recommended that you save a backup copy of your work to another location by clicking on [File] and [Save As) for Windows and Mac. Click on "Export my Project if you are using the Chromebook version Chapter 5 Recording Capital Asset and Capital Project Transactions City Hall Annex Construction Fund and Governmental Activities at the Government-wide Level During fiscal year 2019, the voters of the City of Bingham approved the issuance of 3 percent tax supported serial bonds in the face amount of $7,500,000 to construct and equip an annex to the City Hall. The bonds are to mature in blocks of $312.500 every six months over a 12 year period commencing January 1 2021 Required Prepare general journal entries as necessary to record the following transactions in the general journals of the City Hall Annex Construction Fund and, if applicable, in the governmental activities general journal at the government-wide level. Do not recorderries at this time in any other affected funds; those entries will be made in Inter chapters of this cumulative problem that cover those funds. Use account titles listed under the drop-down (Account menu. Be sure the year 2020 is selected from the dropdown [year] menu and the appropriate paragraph number shown in bold face font below is in the Description field 1 Pars 5-1 On the first day of the 2020 fiscal year January 1, 2020, the bond issue was sold at 101 Cash in the face amount of MacBook Air Bingham each entry affecting budgetary accounts or operating statement accounts, the Detail Journal will automatically open to allow you to cord the appropriate amounts in the detail budgetary or actual accounts, as was the case in Chapter 3. 1 Para, 48-1) Property taxes were levied in the amount of $7075.000. It is estimated that 4 percent of the tax will be uncollectible Required: Record this transaction in both the General Fund and governmental activities journal. Record the tax levy as a revenue in both journals: you will adjust for unavailable revenues at year end. (Note: Type 4a-1 as the paragraph number in the Add description] box for this entry, 4a-2 for the next transaction, etc. Careful referencing by paragraph number is very helpful should you need to determine where you may have omitted a required journal entry or made an error) Select Accrued Revenue in the drop down (Description) menu in the Detail Journal related to the General Fund entry 2. [Para, 48-2] Tax anticipation notes were issued in the amount of $500,000 Required: Record the issuance of this note in both the General Fund and governmental activities general journals. [Para 4a-3] Purchase orders, contracts, and other commitment documents were issued in the following amounts for the following functions: General Government Public Safety Public Works Health and Welfare Culture and Recreation $ 395,000 1.095,000 985,750 665,725 625,125 MacBook Air w Cities of Smithville and Bingham - Govermental Accounting ans ithville Bingham Miscellaneous 98.000 Total $3,864,600 Required: Record the encumbrances in the General Fund general journal and Detail Journal as appropriate. In the Detail Journal select "Purchase Orders from the drop down [Description) menu. [Para 40-4] Grant funds of $30,000 recorded as Deferred Inflows of Resources at the end of FY 2019 were recognized as revenue when timing requirements were met Required: Record the revenue in both the General Fund and governmental activities general journals by debiting Deferred Inflows of Resources and crediting Revenue. Select "Previous Deferral" in the drop down (Description menu in the Detal Journal (This amount was included in the budget as Intergovernmental Revenue in the General Fund) At the government wide level the grant funds can be recognized as a revenue now that all eligibility requirements have been met (see Chapter 4 Appendix Al and should be classified as Program Revenues Culture and Recreation Operating Grants and Contributions 5. Para 48-51 The General Fund paid $165,000 on the vouchers payable that were outstanding at the end of FY 2019 Required: Record the payment of this amount in both the General Fund and governmental activities general journals. 6. [Para 40-6] The General Fund collected the following amounts in cash Current year Real Property Taxes Delinquent Taxes Interest and Penalties Receivable on Taxes $6.484,000 348,000 23.860 MacBook Air AUTOIP Cities of Smile and Bingham - Govermental Accounting tructions Smithville Bingham In a Sales Taxes Licenses and Permits Fines and Forfeits Intergovernmental Revenues 748,000 479.000 519.000 515,000 361.000 226,500 Charges for Services Miscellaneous Revenues Total $9,704360 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals (Select "Received in Cash in the drop down Description menu in the Detail Journal related to the General Fund revenue entries) For governmental activities at the government-wide level, all Licenses and Permits and Charges for Services were attributable to the General Government function as Program Revenue Charges for Services Fines and forfets were collected by General Government departments in the amount of $200,000 and by Public Safety departments in the amount of $319.000. Intergovernmental Revenues should be credited to "Program Rovenues-General Government-Operating Grants and Contributions. In addition to the cash collection, remember to recognize revenue in the General Fund for the delinquent taxes and interest and penalties collected by reducing the deferred inflows of resources balance. These revenues were not expected to be collected within 60 days of year end, thus they were not considered available under the modified accrual basis of accounting and were classified as Deferred inflows of Resources in the General Fund. Select "Previous Deferral in the drop down Description menu in the Detail Journal) 7. Para, 4a-7 The General Fund paid the $22.400 reported as Due to Other Funds at the end of FY 2019. This amount was codedes templavables in Business C o mment d e corecard this section in MacBook Air A wille Bingham Cities of this and Birghan Governmental Accounting structions Smithville Bingham TAQ 7. Para 4-7 The General Fund paid the $22.400 reported Due to Other Funds the end of FY 2019 This amount was reported as Internal Payables to Business-type Activities at the government wide level. (Note: Do not record this transaction in the Water Utility Fund until instructed to do so in Chapter 7 of this case.) Required: Record the payment of this amount in both the General Fund and governmental activities general journals. Para 40-8] Delinquent taxes receivable in the amount of $18.000 were written off as unclectible Interest and penalties accrued on these taxes in the amount of $1300 were also written of Required: Record the writeoffs in both the General Fund and governmental activities general journals 9. Para. 4a-9General Fund payrolls for the year totaled $5,673,038. Of that amount. $867975 was withheld for employees' federal income taxes: $964,416 for federal payroll taxes: $324551 for employees' state income taxes: $357312 for retirement funds administered by the state government, and the remaining $3.158.784 was paid to employees in cash The City of Bingham does not record encumbrances for payrols. The payrolls were chargeable against the following functions' appropriations: General Government Public Safety $ 1500,376 2.531644 790,481 401673 Public Works Health and We Ware Culture and Recreation 448 864 Total $5,673,038 MacBook Air "WER ulilole mithileBingham USD Sat 8:29 PM Cities of S ils de instructions X Sentville Bingham LA 55.673.038 Required: Make summary journal entries for payroll in both the General Fund and governmental activities general Journals for the 10. Para 4a-101 Invoices for some of goods and services ordered in transaction4a-3 were received and vouchered for later payment. Select 'Elimination in the drop down Description menu in the Detail Journal Actual $395,040 General Government Public Safety Public Works Estimated $ 394060 1088600 967620 663,600 617.000 98.000 9,928 880 1086,650 962,300 661.200 69.750 98.000 Health and Welfare Culture and Recreation Miscellaneous Totals $3 817 840 Required: Record the receipt of these goods and the related vouchers payable in both the General Fund and governmental activities journals. At the government wide level you should assume the city uses the purchases inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except for $75,000 of playground equipment ordered by Culture and Recreation. The equipment meets the city's threshold for captization debit Equipment for MacBook Air ham Cities of Smithville and Bingham - Goverment Accounting thville Bingham LA V activities journals. At the government-wide level, you should assume the city uses the purchases inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except for $75,000 of playground equipment ordered by Culture and Recreation. The equipment meets the city's threshold for capitalization (debit Equipment for this item at the government-wide level). Record expenditures charged to the miscellaneous appropriation as General Government expenses at the government wide level. 11. [Para. 4a-11] The General Fund paid vouchers during the year in the amount of $3.210,000 as well as its liabilities for employees federal and state income taxes withheld and payroll taxes. Required: Record the payment of these items in both the General Fund and governmental activities general journals. 12. [Para 4a-12] The General Fund transferred $50,000 to the debt service fund so the debt service fund could make a bond interest Payment Required: Record this transaction in the General Fund only. The transaction has no effect at the government-wide level since it occurs between two governmental activities. (Do not record this transaction in the debt service fundunt instructed to do so in Chapter 6 of this case.) 13. [Para, 40-13] Tax anticipation notes issued by the General Fund were paid at maturity at the face amount plus interest of $10,000 Required: Record the payment of these items in both the General Fund and governmental activities general journals. For the General Fund charge Miscellaneous for the interest expenditure. At the government-wide level, debit Expenses--Interest on Tax Anticipation Notes 14. Para 41-14) The General Fund recorded liabilities of $50,000 to other funds for services received from the Water Utility Fund during the year. Of this amount $39.000 should be charged to Public Safety and $11,000 to General Government MacBook Air TAAT Cities of Srithville and ingham - Govermental Accounting Bingham Budget Adjustments Estimated Revenues Property Tax Sales Tax $ 40,000 increase 25.000 decrease 25.000 decrease Interest and Penalties Appropriations: Public Safety General Government $10,000 decrease 5,000 increase Required: Record the budget amendments in the General Fund general journal only. Budgetary items do not affect the government wide accounting records. (Note: Select "Budget Amendment in the Description] field in the Detail Journal) Post al journal entries to the general and subsidiary ledgers: After reviewing al entries for accuracy, including year and paragraph numbers, post all entries to the general ledger accounts and to all subsidiary ledger accounts, by clicking on [Post entries). Also post all entries in the governmental activities journal 18. [Closing Entry Following the instructions in the next paragraph, prepare and post the necessary entries to close the Estimated Revenues, Appropriations, and Estimated Other Financing Uses accounts to Budgetary Fund Balance; and Revenues, Expenditures, and Other Financing Uses to Fund Balance-Unassigned. Because the City of Bingham honors all outstanding encumbrances at year-end, it is not necessary to close Encumbrances to Encumbrances Outstanding at year-end since encumbrances do not affect the General Fund balance sheet or statement of revenues expenditures, and changes in und MacBook Air Bingham mwandice Are ctions Smithville Bingham Required: Record the receipt of these services and the associated ability in the General Fund and governmental activities journals. At the government-wide level the ability should be credited to Internal Payables to Business-type Activities. Do not record these items in the Water Utility Fund until instructed to do so in Chapter 7 of this case 15 Para40-15) The year-end balance of supplies Inventory is $12.000 Required: Adjust the inventory of supplies account in both the General Fund and governmental activities journals. At the government-wide level expenses in General Government can be reduced by $9.000 and Culture and Recreation can be reduced by $3.000. In the General Fund, fund balance should be classified as nonspendable. 16 (Para, 40-16) The balances in the current taxes receivable and related estimated uncollectibles accounts were reclassified as delinquent. Interest and penalties of $56,580 were also recorded on the delinquent taxes, of which $10,500 was estimated to be uncollectible Required: Record this transaction and reclassification in the General Fund and governmental activities journals. Property tax revenues should be reduced and Deferred inflows of Resources should be recorded in the General Fund, since these revenues are considered unavailable under the modified accrual basis of accounting used in governmental funds. Interest and penalties should be recorded as Deferred Inflows of Resources, rather than interest and penalties revenue, in the General Fund. At the government-wide level, the property taxes continue to be included in current year revenue, and interest and penalties are also recorded as current year revenue at the government-wide level) 17. Para 40-17) In view of unexpected revenue and expenditure developments the city council revised the budgets for the current year as shown below: Budget Adjustments MacBook Air Ingham 40 Sat Oties of Seithio and Bingham - Govermental Accounting Etions Smithville Bingham 18. [Closing Entry Following the instructions in the next paragraph, prepare and post the necessary entries to close the Estimated Revenues, Appropriations, and Estimated Other Financing Uses accounts to Budgetary Fund Balance; and Revenues. Expenditures, and Other Financing Uses to Fund Balance-Unassigned. Because the City of Bingham honors all outstanding encumbrances at year-end, it is not necessary to close Encumbrances to Encumbrances Outstanding at year-end since encumbrances do not affect the General Fund balance sheet or statement of revenues, expenditures, and changes in fund balances. However, if you would like to avoid having these accounts appear in the post-closing trial balance, you can opt to close Encumbrances to Encumbrances Outstanding. If the accounts are closed, they would need to be reestablished at the beginning of the next year, although entries are not required in this problem for the next year. To close the temporary accounts, you must click on the box for Closing Entry)"Closing Entry checkbox will appear next to the [Add credit] field. Be sure the checkmark in the box for Closing Entry is showing as selected before closing each individual account. Also, with the exception of Estimated Other Financing Uses-Interfund Transfers Out and Other Financing Uses- Interfund Transfers Out, you will be sent to the Detail Journal where you must close each individual budgetary or operating statement account. To determine the closing amounts for both General Ledger and subsidiary ledger accounts, you should first print the pre-closing version of these ledgers for year 2020 from the Reports) menu. At year-end, an analysis by the city's finance department determined the following constraints on resources in the General Fund. Prepare the appropriate journal entry in the General Fund to reclassify amounts between Fund Balance-Unassigned and the fund balance accounts corresponding to the constraints shown below. (Note: You should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified.) Amount $57,650 Account Fund Balance-Assigned-Culture and Recreation Fund Balance-Assigned-Health and Welfare 25,000 MacBook Air eBingham Cities of thuile and Bingham - Governmental Accounting Cructions Smithville Bingham 12,300 33790 Fund Balance-Committed-Public Safety Fund Balance-Committed-Public Works Fund Balance-Nonspendable--Inventory of Supplies 12.000 Note: DO NOT PREPARE CLOSING ENTRIES FOR GOVERNMENTAL ACTIVITIES AT THIS TIME since governmental activities will not be closed until Chapter 9 after the capital projects fund (Chapter 5) and debt service fund (Chapter 6) transactions affecting governmental activities at the government-wide level have been recorded. Select Export from the drop down [File) menu to create an Excel or other worksheet of the General Fund post-closing trial balance as of December 31, 2020. Use Excel or other spreadsheet software to prepare in good form a balance sheet for the General Fund as of December 31, 2020. Follow the format shown in Illustration 4-4 of Reck, Lowensohn, and Neely, Accounting for Governmental and Nonprofit Entities, 18th edition textbook thereafter referred to as the textbook. Select [Export from the drop down [Flej menu to create an Excel worksheet of the General Fund pre-closing subsidiary ledger account balances for the year 2020. Use Excel or other spreadsheet software to prepare in good form a statement of revenues, expenditures, and changes in fund balances for the General Fund for the year ended December 31, 2020. (See Ilustration 4-5 in the textbook for an example format) d Refer to the General Fund pre-closing subsidiary ledger account balances found in partc above to prepare in good form a statement of revenues, expenditures, and changes in fund balances-budget and actual for the General Fund for the year ended December 31, 2020 (See Illustration 4-6 in the textbook for an example format) Note that the change in inventory balance and accompanying change in nonspendable fund balance see 4a-15) must be included on this statement e. Prepare a reconciliation of total expenditures reported in your solution to part of this problem with the total expenditures and MacBook Air hvillingham Smith structions Smithville Bingham 0. Prepare a reconciliation of total expenditures reported in your solution to part of this problem with the total expenditures and encumbrances reported in your solution to part of this problem (See example in Chapter 4 of the textbook which compares illustrations 4.5 and 4-6) Note: File the printouts of all your exported or printed documents and your completed Mancial statements in your cumulative problem folder until directed by your instructor to submit them, unless your instructor specifies submission of files electronically Before closing the City of Bingham it is recommended that you save a backup copy of your work to another location by clicking on [File] and [Save As) for Windows and Mac. Click on "Export my Project if you are using the Chromebook version Chapter 5 Recording Capital Asset and Capital Project Transactions City Hall Annex Construction Fund and Governmental Activities at the Government-wide Level During fiscal year 2019, the voters of the City of Bingham approved the issuance of 3 percent tax supported serial bonds in the face amount of $7,500,000 to construct and equip an annex to the City Hall. The bonds are to mature in blocks of $312.500 every six months over a 12 year period commencing January 1 2021 Required Prepare general journal entries as necessary to record the following transactions in the general journals of the City Hall Annex Construction Fund and, if applicable, in the governmental activities general journal at the government-wide level. Do not recorderries at this time in any other affected funds; those entries will be made in Inter chapters of this cumulative problem that cover those funds. Use account titles listed under the drop-down (Account menu. Be sure the year 2020 is selected from the dropdown [year] menu and the appropriate paragraph number shown in bold face font below is in the Description field 1 Pars 5-1 On the first day of the 2020 fiscal year January 1, 2020, the bond issue was sold at 101 Cash in the face amount of MacBook Air