***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL POST THE REST OF THE INFO IN CASE YOU NEED IT.

Continuous Problem 04-01 The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $503,000 173, see CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210, eee Less: Estimated uncollectible taxes (37,eee) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (958) Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable Due to other funds Total liabilities Deferred inflows - Property taxes Fund equity: Fund balance-assigned $ 19,00 (for outstanding encumbrances) Fund balance-unassigned 718,250 Total fund balance Total liabilities, deferred inflows, and fund equity 4,250 204,000 $884,250 $ 99, eee 27, see 126, mee 21,000 737,250 $884,250 3-C. This portion of the continuous problem continues the General Fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget Information for the City Includes: (1) As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and Interest. Record the budget for the General Fund and post to the ledger. 4-C. Part 1. General Fund Transactions Required: a. Record Journal entries for the following transactions for FY 2020. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries. (2) Encumbrances of $19,000 for purchase orders outstanding at the end of 2019 were re-established. (3) The January 1, 2020, balance in Deferred Inflows - Property Taxes relates to the amount of the 2019 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2020 revenues. (4) A general tax levy In the amount of $7,000,000 was made. It is estimated that 24 percent (0.0225) of the tax will be uncollectible. (5) Tax anticipation notes in the amount of $500,000 were issued. (6) Goods and supplies related to all encumbrances outstanding as of December 31, 2019 were received, along with Invoices amounting to $18,700. The Invoices were approved for payment. The City maintains Immaterial amounts in supply Inventories and it is the practice of the City to charge supplies to expenditure when received. (7) All accounts payable and the amount due other funds were paid. (8) The General Fund collected the following in cash: o prior year taxes, $158,000; Interest and penalties receivable on prior year taxes, $3,500; o current taxes, $6,400,000; $204,000 previously recorded as due from the state government; o licenses and permits, $800,000; osales taxes, $2.890,000, and o Miscellaneous revenues, $350,000. (9) Purchase orders and contracts were issued in the amount of $3,465,000. (10) Payrolls for the General Fund totaled $5,110,000. Of that amount, $498,000 were withheld for employees' federal Income taxes and $390,915 were withheld for employees' FICA and Medicare tax liability, the balance was paid in cash. The encumbrance system is not used for payrolls. (11) The liability for the city's share of FICA and Medicare taxes, $390,915, was recorded as was the liability for state unemployment taxes in the amount of $28,000. (12) Invoices for most of the supplies and services ordered in transaction 8 were received in the amount of $3,375,300 and approved for payment. The related encumbrance amounted to $3,407,000. (13) Tax anticipation notes were pald at maturity, along with interest in the amount of $18,000. (14) Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year. (15) The General Fund recorded a liability to the Water and Sewer Fund for services in the amount of $37,000 and to the Stores and Services Fund for supplies in the amount of $313,200; $310,000 of the amount due the Stores and Services Fund was pald. (16) The General Fund recorded an amount due of $48,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year. (17) The General Fund paid accounts payable in the amount of $3,175,000 and paid the amounts due to the federal and state governments. The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and Interest. (18) All required legal steps were accomplished to increase appropriations by the net amount of $109,000. Estimated revenues were Increased by $73,000. (19) The City Council authorized a write-off of $51,000 in delinquent property taxes and corresponding Interest and penalties amounting to $1,600. (20) Interest and penalties receivable on taxes were accrued in the amount of $17,200; $1,100 of this amount is expected to be uncollectible. (21) It is estimated that $17,500 of the outstanding taxes recevable will be collected more than 60 days beyond the fiscal year-end. No Transaction General Journal Debit Credit 1 01 Estimated Revenues Control 11,150,000 Appropriations Control 9,380,000 Estimated Other Financing Uses Control 1.700.000 2 02 19,000 Encumbrances Control Budgetary Fund Balance-Reserve for Encumbrances 19.000 3 03 21,000 Deferred InflowsProperty Taxes Revenues Control O 21,000 4 04 > 7.000.000 Taxes Receivable-Current Estimated Uncollectible Taxes Revenues Control 157.500 6.842,500 5 05 Cash 500,000 Tax Anticipation Notes Payable 500.000 6 ba Budgetary Fund Balance-Reserve for Encumbrances > 19,000 Encumbrances Control 19.000 7 Ob Expenditures Control 18.700 Accounts Payable 18.700 8 07 Accounts Payable 117,700 Due to Other Funds 27.000 Cash 144,700 9 08 Cash 10,805,500 Taxes Receivable-(Prior year) 158,000 Interest and Penalties Receivable 3,500 Taxes Receivable-Current Due from State Government 6,400,000 204,000 4,040.000 Revenues Control 10 09 Encumbrances Control 3,465,000 > Budgetary Fund Balance-Reserve for Encumbrances 3,465.000 11 10 5,110,000 Expenditures Control Due to Federal Government Cash 888,915 4,221,085 12 11 418,915 Expenditures Control Due to Federal Government Due to State Government 390,915 28,000 13 12a 3,407,000 Budgetary Fund BalanceReserve for Encumbrances Encumbrances Control >> 3,407,000 > 14 12b 3,375,300 Expenditures Control Accounts Payable 3,375,300 15 13 500,000 Tax Anticipation Notes Payable Expenditures Control Cash OOO 18,000 518,000 > 18 14 332,000 Due from State Government Revenues Control 332.000 17 15a 350.200 Expenditures Control Due to Other Funds 350,200 18 15b > Due to Other Funds 310.000 Cash 310.000 19 18 48.000 Due from State Government Revenues Control >> 48,000 20 17 Accounts Payable Due to Federal Government OOO 3,175.000 1,279,830 Due to State Government Other Financing Uses-Control Cash 28.000 1,662,000 > 8,144,830 20 17 3,175.000 SON Accounts Payable Due to Federal Government Due to State Government Other Financing Uses-Control Cash 1,279,830 28.000 1.662.000 8,144,830 21 18 Estimated Revenues Control 73.000 36,000 Budgetary Fund Balance Appropriations Control 109,000 22 19a 51.000 Estimated Uncollectible Taxes Taxes Receivable-Current > 51,000 23 19b 1.600 Estimated Uncollectible Interest & Penalties Interest and Penalties Receivable 1,800 24 20 Interest and Penalties Receivable 17,200 Estimated Uncollectible Interest & Penalties Revenues Control 1,100 16,100 25 21 17.500 Revenues Control Deferred InflowsProperty Taxes 17,500 General Fund Entries General Fund Closing Entries TAccounts Stmt of Rev and Exp Balance Sheet Record journal entries for the above transactions for FY 2020 and post the closing entries for the General Fund. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.) Show less No Transaction Debit Credit 1 CI. 1 General Journal Appropriations Control Estimated Other Financing Uses Control Budgetary Fund Balance 1,700,000 >IS >> Estimated Revenues Control 2 CL2 11.299,600 Revenues Control Fund Balance Expenditures Control Other Financing Uses-Control 3 CI.3 Budgetary Fund Balance-Reserve for Encumbrances 58.000 Encumbrances Control 58,000