Please prepare the journal entries and financial statements as governmental fund activities (i.e., fund accounting). Do not prepare or include government-wide activities (i.e., governmental activities).

Requirement Please finish 1-10 journal entries!

Transactions and events occurred during fiscal 2017:

The city council of Rapid City approved the following budgets for fiscal 2017:

General Fund:

Estimated Revenues
Property Taxes	$(1,234,000 + 500,000)
Sales Taxes	(2,234,000 + 200,000)
Intergovernmental Grants	(35% x 2,234,000)
Licensing Fees and Fines	(20% x 123,000)
Total Estimated Revenues	4974500
Appropriations
Food Inspection Program	$(2,234,000 600,000)
Salaries Food Inspection Program	(1,234,000 400,000)
Supplies Other Programs	123,000
Other Program Costs	685,000
Transfer to Debt Service Fund	135,000
Total Appropriations	3411000
Budgeted Change in Fund Balance

Capital Projects Fund:

Estimated Revenues
Intergovernmental Grants	$ 600,000
Investment Income	100,000
Total Estimated Revenues		$ 700,000
Appropriations
Park Construction	$5,400,000
Park Equipment	660,000
Transfer to Debt Service Fund	50,000
Total Appropriations		6,110,000
Budgeted Change in Fund Balance		($5,410,000)

Debt Service Fund:

Estimated Revenues
Special Tax Assessment	$ 460,000
Investment Income	4,000
Total Estimated Revenues		$ 464,000
Estimated Other Financing Sources
Transfer in From General Fund	135,000
Transfer in From Capital Projects Fund	50,000
Total Estimated Other Financing Sources		$ 185,000
Appropriations
Interest	$225,000
Principal	280,000
Total Appropriations		( 505,000)
Budgeted Change in Fund Balance		$ 144,000

2. Purchase orders issued but not received by December 31, 2016 were received in January 2017 for $4,000. 3. The city collected 98% of the delinquent property taxes outstanding at the end of 2016 in the General Fund. The remaining delinquent amount was written off as uncollectible. All of the late payment penalties and interest (100%) were collected. Hint: Remember when writing off (eliminating) uncollectible reserves, revenue is recognized. Originally setting up uncollectible allowance amounts reduced revenue. 4. The state paid the amount owed to the city as of December 31, 2016. 5. In January 2017, the Capital Projects Fund invested the bonds issued in December 2016 in a 6-month CD bearing interest at 4.25% per annum. 6. The city paid the amount due to Federal government related to payroll taxes. 7. The city authorized temporary borrowing of $500,000 as a 120-day tax anticipation note. The loan was obtained from a local bank at 6%. (Record only the receipt of the loan at this time.) 8. The city received an advance of 80% of the budgeted intergovernmental grant in the General Fund from the state for the food inspection program. 9. The city levied property taxes at the budgeted amount and established an allowance for uncollectible taxes and discounts equal to 5% of the taxes levied. 10. The city levied the special tax assessment to service the bond issue for the new city park. The city levied $460,000 in anticipation of realizing net cash of $437,000, establishing a $23,000 allowance for uncollectible taxes and discounts.

Rapid City
General Fund Postclosing Trial Balance
December 31, 2016
	Debits		Credits		Additional Information:
Cash	$ 295,600				1. Encumbrances lapse if they are outstanding at the close of a fiscal year; however, the city honors all
Property Taxes Receivable - Deliquent	57,000					outstanding encumbrances, reported at the end of 2016 are reported as Fund Balance - Assigned.
Allowance for Uncollectible Delinquent Taxes			$ 3,500		2. The city uses the purchases method to record the acquisition of supplies. The year-end supplies inventory
Interest and Penalties Receivable	4,200					is considered to be material and is reported in the citys financial statements.
Allowance for Uncollectible Interest & Penalties			200
Supplies Inventory	7,700
Vouchers Payable			36,400
Due to Federal Government			2,800
Fund Balance - Nonspendable - Supplies Inventory			7,700
Fund Balance - Assigned			3,300
Fund Balance - Unassigned			310,600
	$ 364,500		$ 364,500

Rapid City
Capital Projects Fund Postclosing Trial Balance
December 31, 2016					Additional Information:
	Debits		Credits		1. Rapid City sold bonds in the amount of $5,400,000 in December 2016 to finance a new city park.
Cash	$5,400,000					The bonds are payable semiannually (June 1 and December 1) over 20 years at 4% per year.
Due from State Government	250,000				2. In 2016, the State approved a grant for $250,000 to help fund the city park. The grant is collectible within
Fund Balance Restricted			$5,650,000			60 days after year end. The Federal government also approved a grant for $550,000, receivable June 1, 2016.
	$5,650,000		$5,650,000		3. Rapid City uses encumbrance accounting in the Capital Projects Fund.
					4. Construction of the park is expected to be completed by the end of 2017. Any amounts remaining in the
						Capital Projects Fund must be transferred to the Debt Service Fund on completion of the park.
Rapid City
Debt Service Fund Postclosing Trial Balance
December 31, 2016					Additional Information:
	Debits		Credits		1. In December, $140,000 was transferred to the Debt Service Fund from the General Fund to pay the first
Cash	$140,000					principal payment on the bonds issued in the Capital Projects Fund and provide a small cash balance in the
Fund Balance Restricted			$140,000			debt service fund.
	$140,000		$140,000		2. A special assessment tax will be levied over the next 10 fiscal years (2017-2026) to pay for the bond issue.

Rapid City General Fund Postclosing Trial Balance December 31, 2016 Debits Additional Information: 1. Encumbrances lapse if they are outstanding at the close of a fiscal year, however, the city honors all Cash Property Taxes Receivable Deliquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest & Penalties Supplies Inventory Vouchers Payable Due to Federal Government Fund Balance Nonspendable- Supplies Inventory Fund Balance- Assigned Fund Balance - Unassigned S 295,600 57,000 outstanding encumbrances, reported at the end of 2016 are reported as Fund Balance Assigned S 3,500 2. The city uses the purchases method to record the acquisition of supplies. The year-end supplies inventory 4,200 is considered to be material and is reported in the city's financial statements 200 7,700 36,400 2,800 7,700 3,300 310,600 Rapid City General Fund Postclosing Trial Balance December 31, 2016 Debits Additional Information: 1. Encumbrances lapse if they are outstanding at the close of a fiscal year, however, the city honors all Cash Property Taxes Receivable Deliquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest & Penalties Supplies Inventory Vouchers Payable Due to Federal Government Fund Balance Nonspendable- Supplies Inventory Fund Balance- Assigned Fund Balance - Unassigned S 295,600 57,000 outstanding encumbrances, reported at the end of 2016 are reported as Fund Balance Assigned S 3,500 2. The city uses the purchases method to record the acquisition of supplies. The year-end supplies inventory 4,200 is considered to be material and is reported in the city's financial statements 200 7,700 36,400 2,800 7,700 3,300 310,600