Please provide Journal Entries, T- Accounts, Balance Sheet and Statement of Revenues.

Project\# 1: 50 points (given tab) The City of Macon's general fund had the following post-closing trial balance as of 4.30 .2007 , the end fiscal year: During the six months ended October 31,2007 , the following transactions, in summary form, with detail omitted, occurred: 1. The budget for FY 2008 provided for General Fund estimated revenues totaling $3,140,000 and appropriations totaling $3,100,000. 2. The County Council authorized a temporary loan of $300,000 in the form of a 120-day tax anticipation note. The loan was bbtained from a local bank at a discount of 6 percent per annum (debit Expenditures for discount). 3. The property tax levy for FY 2008 was recorded, Net assessed valuation of taxable property for the year was $43,000,000, and the tax rate was $5 per hundred. It was estimated that 4 percent of the levy would be uncollectible. Classify this tax levy as current. 4. Purchase orders and contracts in the amount of $1,027,000 were issued to vendors and others. 5. Current taxes of $1,034,000, delinquent taxes of $340,000, and interest and penalties of $13,240 were collected. Because of taxpayers' delinquencies in payment of the first installment of taxes, additional perialties of $15,230 were levied but had not yet been collected. 6. Total payroll for the first six months of the year was $481,070. Of that amount, the following amounts were withheld: $36,800 for employees' FICA.tax liability, \$61,200 for employees' federal income tax liability, and $20,000 for state taxes; the balance was paid in cash. 7. The employer's FICA tax liability amounted to $36,800. 8. Revenues from sources other than taxes were collected in the amount of $353,000. 9. Amounts die to the federal government as of April 30 and amounts withheld for federal and state withholding taxes during the year were vouchered. " . . 10. Purchase orders and contracts encumbered in the amount of $890,800. were filled at a net cost of $894,900, which was youchered. 11. Cash of $1,099,060 was paid on vouchrs payable, and credit for purchases discounit eamed was $8,030 (credit Expenditures). : 12. The tax anticipation note of $300,000 was repaid. Required a. Record in general journal form the effect of the transactions for the six months ended October 31 on the General Fund and governmental activities. You need not record subsidiary ledger debits and credits: : b. Prepare a General Fund interim balance sheet in the format of Illustration 42 as of October 31,2007. 8. Part B. Additional Operating Transactions, Special Topies, and End-of-Year General Fund Balance Sheet. Part B continues transactions of the City. of Macon's Geineral Fund. The following transactions occurred during the last half of the fiscal vear: 1. Becainse of a change in a state law, the City of Macon has been informed that it will receive $80,000 less in state revenue than was budgeted. 2. Purchase orders and other commitment documents in the amount of $1,032,000 were issued during the six months ended April 30, 2008. 3. Property taxes of $6,500 and interest and penalties receivable of $1,340, which had been.written off in prior years, were collected. Additional interant af esen that had 4. Personnel costs, excluding the employer's share of the FICA tax, totaled $338,420 for the second six months. Withholdings amounted to $25,890 for FICA, $42,510 for employees' federal income tax liability, and $14,400 for state withholding tax. The balance was paid to employees in cash. 5. The employer's FICA tax of $25,890 was recorded as a liability. 6. The County Board of Review discovered unassessed properties of a total taxable value of $500,000 located within the City of Macon. The owners of these properties were charged taxes at the City's General Fund rate of $5 per hundred dollars of assessed value. (You need not adjust the Estimated Uncollectible Current Taxes account) 7. The following were collected in cash: Cirrent taxes of $927,000, delinquent taxes of $43,270, interest and penalties of $7,330, and revenues of $593,700 from a number of sources. (No part of any of these amounts is included in any other transaction given.) 8. Accrued interest and penalties, estimated to be 30 percent uncollectible, was recorded in the amount of $23,200. 9. Ail unpaid current year's taxes became delinquent. The balances of current tax receivables and related estimated uncollectibles were transferred to the delinquent classification. 10. All amounts due to the federal government and state government were vouchred. 11. Invoices and bills for goods and services that had been encumbered at $1,097,240 weire received and vouchered at an actual cost of $1,092,670. 12. Personal property taxes of $39,940 arid interest and penalties of $4,180 were written off because of the inability to locate the property owners. 13. A physical inventory of materials and supplies at April 30, 2008, showed a total of $19,100. Inventory is recorded using the consumption method. 14. Payments made on vouchers during the second half-year totaled $1,202,600. Required a. Record in general journal form the effect on the General Fund and governmental activities for the second half of fiscal year 2008. b. Record in general journal form entries to close the budgetary accounts and operating statemient accounts. c: Prepare a General Fund balance sheet as of April 30, 2008. 1. Prepare a statement of revenues, expenditures, and changes in fund balance for the fiscal year ended April 30, 2008. Do not prepare the government-wide financial statements