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.

General Fund Postclosing Trial Balance December 31, 2016 Debits Credits Additional Information: Cash $295,600 1. Encunbrances lapse if they are outstanding at the close of a fisca 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 2. The city uses the purchases method to record the acquisition of supplies. The year-end supplies inventory lowance for Uncollectible Deinquent Taxes Interest and Penalties Receivable llowance for Uncollectible Interest & Penalties Supplies Inventory Vauchers Payable Due to Federal Govemment Fund Balance Nonspendable Supplies Inventory Fund Balance Assigned Fund Balance Unassigned 500 ,200 is considered to be material and is reported in the city's financial statements 200 7,700 36 400 2 800 7,700 300 310 600 364,500 Rapid City Capital Projects Fund Postclosing Trial Balance December 31, 2016 Additional Information: 1. Rapid City sold bonds in the amounit of S5,400,000 in December 2016 to finance a new city park 2. In 2016, the State approved a grant for S250,000 to help furnd the city park. The grant is colectible within 3. Rapid City uses cncumbrance accounting in the Capital Projects Fund. Credits Debits $5,400,000 Cash Duc frorn State Government Fund Balance Restricted The bonds are payable semiannually (June 1 and December 1) over 20 years at 4% per year 250,000 $5,850,000 $5,850,000 60 days after year end The Federal govemment also approved a grant for $550,000, receivable June 1, 2016 S5,850,000 4. Construction of the park is expected to be completed by the cnd of 2017. Any aounts 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 Debl Service Fund from the General Fund to pay the first cipal payment on the bonds issued in the Capital Projects Fund and provide a small cash balance in the Cash $140,000 Fund Balancc Restricted $140,000 deht service fund General Fund Postclosing Trial Balance December 31, 2016 Debits Credits Additional Information: Cash $295,600 1. Encunbrances lapse if they are outstanding at the close of a fisca 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 2. The city uses the purchases method to record the acquisition of supplies. The year-end supplies inventory lowance for Uncollectible Deinquent Taxes Interest and Penalties Receivable llowance for Uncollectible Interest & Penalties Supplies Inventory Vauchers Payable Due to Federal Govemment Fund Balance Nonspendable Supplies Inventory Fund Balance Assigned Fund Balance Unassigned 500 ,200 is considered to be material and is reported in the city's financial statements 200 7,700 36 400 2 800 7,700 300 310 600 364,500 Rapid City Capital Projects Fund Postclosing Trial Balance December 31, 2016 Additional Information: 1. Rapid City sold bonds in the amounit of S5,400,000 in December 2016 to finance a new city park 2. In 2016, the State approved a grant for S250,000 to help furnd the city park. The grant is colectible within 3. Rapid City uses cncumbrance accounting in the Capital Projects Fund. Credits Debits $5,400,000 Cash Duc frorn State Government Fund Balance Restricted The bonds are payable semiannually (June 1 and December 1) over 20 years at 4% per year 250,000 $5,850,000 $5,850,000 60 days after year end The Federal govemment also approved a grant for $550,000, receivable June 1, 2016 S5,850,000 4. Construction of the park is expected to be completed by the cnd of 2017. Any aounts 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 Debl Service Fund from the General Fund to pay the first cipal payment on the bonds issued in the Capital Projects Fund and provide a small cash balance in the Cash $140,000 Fund Balancc Restricted $140,000 deht service fund