PLEASE HELP. The last excel sheet I am not sure if I completed it correctly. I NEED help with the second and third excel sheet. (The filled in boxes again, NOT SURE if they are completed correctly. THIS IS PROBLEM 12-5 for a financing class Thank You

Alignment D15 F Number fx -38000 Styles D E F G HI J K L M 1 Debt Service Fund 2 3 4 5 6 Liabilities Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Assets Due from General Cash Fund 4,000 16.000 7 8 Fund Balance 20,000 9 0 10 11 12 Beginning Balance Transaction #1 Transaction # 2 Transaction # 3 Transaction # 4 Transaction # 5 Transaction #6 Transaction # 7 13 14 70,000 (10,000) 60,000 Transfer from General fund 15 16 (38,000) (8,000 Interest Expenditure (30,000 Debt Service-Principal Expenditure $42.000 Ending Balance $36.000 $6,000 $0 17 18 19 20 21 22 23 24 General Fund Debt Service Fund Capital Projects Fund + Merge & Center Clipboard .00 Font Alignment Conditional Format as Cel Formatting Table Styles Styles Number E25 D E F H 1 J K -- M Liabilities Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Assets Due from General Cash Fund Fund Balance 0 0 0 0 A AB 2 Capital Projects Fund 3 4 5 6 7 8 9 Beginning Balance 10 Transaction # 1 11 Transaction # 2 12 Transaction # 3 13 Transaction #4 14 Transaction # 5 15 Transaction # 6a 16 Transaction # 6b 17 Transaction # 7 18 19 Ending Balance 20 21 22 23 24 25 General Fund 200,000 (200,000) 200.000 Other Sources of Financing --Note Payable (200,000) Capital Outlay Expenditure 0 0 0 Debt Service Fund Capital Proiects Fund CHAPTER 12 Unique Aspects of Accounting for State and Local Governments-Part1: The Recording Process EXHIBIT 12-4 January 1, 2018, Balances Cash Real estate taxes receivable State grants receivable Due from general fund Salaries payable Due to debt service fund Fund balance/unrestricted net assets General Fund Debt Service Fund Capital Projects Fund $300,000 $4,000 20,000 10,000 16,000 90,000 16,000 224,000 20,000 12-6. Please use the following choices to fill in the blanks below: Development Fund (a govern fund). of the fiscal yea 12-1. What are the fund categories used by Discuss 12-2. What are the benefits of budgetary accounting? What is the difference between appropriations, expenditures, and encumbrances? fiscal year. 4. Simonsen Village is entitled to receive PROBLEMS 12-4. See Exhibit 12-3 for opening account balances. Record the following financial transactions for Simonsen Village for the fiscal year ending December 31, 2021. Show the impact of the transactions on the fundamental equation of accounting (optional show journal entries-see Appendix 12-A). Assume that the modified accrual basis is used. 1. Simonsen Village has employees who earned $400,000 for the year. At the end of the year, the salaries payable balance was $10,000. Note that $200,000 of wages related to general government, $140,000 was for education, and $60,000 was for the public works, safety, and sanitation department. 2. Inventory was ordered by Simonsen Village. The entire order was received. The bill for the inventory purchase was $10,000. By the end of the fiscal year, it had used $6,000 of the inventory, but no payment had been made. Each of the three departments had used $2,000 of inventory. The remaining inventory was all earmarked for education. 3. Simonsen Village's major source of funds is real estate taxes. Total tax bills issued were for $300,000. Total collections were the $20,000 from the previous year's ending balance in taxes receivable and $260,000 of this year's taxes. Eighty percent of the outstanding balance at year- for the current year's grant. The state will be paying the balance owed to Simonsen Village within 30 days after the year ends. 5. During the year, Simonsen Village was legally required to transfer $60,000 to its debt service fund. A total of $70,000 of cash was paid to the debt service fund. In years when the full required transfer is not made, the debt service fund has a receivable (Due from General Fund). If more than the required amount is paid, the debt service fund's receivable declines. 6. Simonsen Village acquired a new fire truck early in the year for $200,000. The fire truck is expected to last 10 years and has no salvage value. It was financed by a long-term note for the full amount. Simonsen Village has a capital projects fund. 7. The interest and principal due on Simonsen Village's debt during the year and paid from the debt service fund were $8,000 and $30,000, end is expected to be collected early in the next unrestricted grants from the state. During the year, grants in the amount of $100.000 were made. The total collections on grants were just $20,000. This $20,000 consisted of $10,000 that the state owed for the previous year and $10.000 Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Fund Salaries Payable Balance 16 Balance $90,000 (80000) 7 General Fund - Modified Accrual Transactions Analysis Worksheet 8 9 10 Assets Liabilities 11 Real Due to Estate State Debt Deferred 12 13 Taxes Grants Accounts Service Tax Cash Receivable Receivable Payable Fund Revenue 14 15 Beginning $300.000 $20,000 $10,000 SO $16,000 SO 17 Transaction #1 (480000) 18 19 20 Transaction #2 10000 21 22 23 Transaction # 3a 300000 8000 24 Transaction #3b 280000 (280000 25 Transaction # 4a 100000 26 Transaction # 46 20000 (20000) 27 Transaction #5 (70000) (10000) 28 Transaction #6a 29 Transaction #6b 30 Transaction #7 31 Ending Balance 550.000 $40.000 590.000 $10,000 56.000 $8,000 $224,000 (2000000 General Government Expenditures (140000) Education Expenditures (60000) Public Works, Safety & Sanitation Expenditures (2000) General Government Expenditures (6000) Education Expenditures (2000) Public Works, Safety & Sanitation Expenditures (292000) Real Estate Tax Revenues 100000 State Grant Revenues (60000 Transfer to Debt Service Fund $10.000 (S2.238.000) Alignment D15 F Number fx -38000 Styles D E F G HI J K L M 1 Debt Service Fund 2 3 4 5 6 Liabilities Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Assets Due from General Cash Fund 4,000 16.000 7 8 Fund Balance 20,000 9 0 10 11 12 Beginning Balance Transaction #1 Transaction # 2 Transaction # 3 Transaction # 4 Transaction # 5 Transaction #6 Transaction # 7 13 14 70,000 (10,000) 60,000 Transfer from General fund 15 16 (38,000) (8,000 Interest Expenditure (30,000 Debt Service-Principal Expenditure $42.000 Ending Balance $36.000 $6,000 $0 17 18 19 20 21 22 23 24 General Fund Debt Service Fund Capital Projects Fund + Merge & Center Clipboard .00 Font Alignment Conditional Format as Cel Formatting Table Styles Styles Number E25 D E F H 1 J K -- M Liabilities Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Assets Due from General Cash Fund Fund Balance 0 0 0 0 A AB 2 Capital Projects Fund 3 4 5 6 7 8 9 Beginning Balance 10 Transaction # 1 11 Transaction # 2 12 Transaction # 3 13 Transaction #4 14 Transaction # 5 15 Transaction # 6a 16 Transaction # 6b 17 Transaction # 7 18 19 Ending Balance 20 21 22 23 24 25 General Fund 200,000 (200,000) 200.000 Other Sources of Financing --Note Payable (200,000) Capital Outlay Expenditure 0 0 0 Debt Service Fund Capital Proiects Fund CHAPTER 12 Unique Aspects of Accounting for State and Local Governments-Part1: The Recording Process EXHIBIT 12-4 January 1, 2018, Balances Cash Real estate taxes receivable State grants receivable Due from general fund Salaries payable Due to debt service fund Fund balance/unrestricted net assets General Fund Debt Service Fund Capital Projects Fund $300,000 $4,000 20,000 10,000 16,000 90,000 16,000 224,000 20,000 12-6. Please use the following choices to fill in the blanks below: Development Fund (a govern fund). of the fiscal yea 12-1. What are the fund categories used by Discuss 12-2. What are the benefits of budgetary accounting? What is the difference between appropriations, expenditures, and encumbrances? fiscal year. 4. Simonsen Village is entitled to receive PROBLEMS 12-4. See Exhibit 12-3 for opening account balances. Record the following financial transactions for Simonsen Village for the fiscal year ending December 31, 2021. Show the impact of the transactions on the fundamental equation of accounting (optional show journal entries-see Appendix 12-A). Assume that the modified accrual basis is used. 1. Simonsen Village has employees who earned $400,000 for the year. At the end of the year, the salaries payable balance was $10,000. Note that $200,000 of wages related to general government, $140,000 was for education, and $60,000 was for the public works, safety, and sanitation department. 2. Inventory was ordered by Simonsen Village. The entire order was received. The bill for the inventory purchase was $10,000. By the end of the fiscal year, it had used $6,000 of the inventory, but no payment had been made. Each of the three departments had used $2,000 of inventory. The remaining inventory was all earmarked for education. 3. Simonsen Village's major source of funds is real estate taxes. Total tax bills issued were for $300,000. Total collections were the $20,000 from the previous year's ending balance in taxes receivable and $260,000 of this year's taxes. Eighty percent of the outstanding balance at year- for the current year's grant. The state will be paying the balance owed to Simonsen Village within 30 days after the year ends. 5. During the year, Simonsen Village was legally required to transfer $60,000 to its debt service fund. A total of $70,000 of cash was paid to the debt service fund. In years when the full required transfer is not made, the debt service fund has a receivable (Due from General Fund). If more than the required amount is paid, the debt service fund's receivable declines. 6. Simonsen Village acquired a new fire truck early in the year for $200,000. The fire truck is expected to last 10 years and has no salvage value. It was financed by a long-term note for the full amount. Simonsen Village has a capital projects fund. 7. The interest and principal due on Simonsen Village's debt during the year and paid from the debt service fund were $8,000 and $30,000, end is expected to be collected early in the next unrestricted grants from the state. During the year, grants in the amount of $100.000 were made. The total collections on grants were just $20,000. This $20,000 consisted of $10,000 that the state owed for the previous year and $10.000 Liabilities and Fund Balance Fund Balance and Changes in Fund Balance Fund Salaries Payable Balance 16 Balance $90,000 (80000) 7 General Fund - Modified Accrual Transactions Analysis Worksheet 8 9 10 Assets Liabilities 11 Real Due to Estate State Debt Deferred 12 13 Taxes Grants Accounts Service Tax Cash Receivable Receivable Payable Fund Revenue 14 15 Beginning $300.000 $20,000 $10,000 SO $16,000 SO 17 Transaction #1 (480000) 18 19 20 Transaction #2 10000 21 22 23 Transaction # 3a 300000 8000 24 Transaction #3b 280000 (280000 25 Transaction # 4a 100000 26 Transaction # 46 20000 (20000) 27 Transaction #5 (70000) (10000) 28 Transaction #6a 29 Transaction #6b 30 Transaction #7 31 Ending Balance 550.000 $40.000 590.000 $10,000 56.000 $8,000 $224,000 (2000000 General Government Expenditures (140000) Education Expenditures (60000) Public Works, Safety & Sanitation Expenditures (2000) General Government Expenditures (6000) Education Expenditures (2000) Public Works, Safety & Sanitation Expenditures (292000) Real Estate Tax Revenues 100000 State Grant Revenues (60000 Transfer to Debt Service Fund $10.000 (S2.238.000)