Prepare journal entries in the General Fund for each of the following events relating to the City of Iron River (all amounts in $1,000 a. The citizens approve the following budget for the year: $97,490 ESTIMATED REVENUES ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS BUDGETARY FUND BALANCE 2,000 (92,728) $6,762 General Jorunal Description Debit Credit ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year: 1. Revenues-real estate and personal property taxes $82,100 2. Revenuesintergovernmental 14,742 3. Other financing sources-bond proceeds 2,000 Description Debit Credit 1. 2. 3. c. The City issues purchase invoices totaling $91,810 (record the issuance of invoices as a lump sum). Description Debit Credit d. The City recognizes the following expenditures, all on account (these expenditures were previously reserved as budgetary encumbrances): Expenditures-General Government $15,227 ExpendituresPublic Safety 9,181 Expenditures-Education 55,086 ExpendituresPublic Works 4,590 Expenditures-Human Services 9,181 Debit Credit Description BUDGETARY FUND BALANCE ENCUMBRANCES To reverse previous entry. Expenditures--general government Expenditures--public safety Expenditures--education Expenditures--public works e. The City makes the following payments related to its outstanding debt: Expenditures-debt principal payments $700 Expenditures-debt interest payments 100 Description Debit Credit Expenditures--debt interest payments f. The City collects accounts receivable ($81,540 relating to property taxes and $14,005 relating to intergovernmental receivables) and pays outstanding accounts payable in the amount of $89,974 during the year. Description Debit Credit Cash Real estate taxes receivable g. The City recognizes an increase of $1,170 in Deferred Revenues as a year-end adjustment to yield a balance in that account of the total property taxes receivable that are not expected to be collected within 60 days. Description Debit Credit h. The City makes the required closing entries to close out the budgetary and operating accounts. In addition, the City closes out the remaining $1,080 balance of budgetary encumbrances outstanding and formally charges that balance to Fund Balance-assigned since the outstanding invoices are expected to be honored in the next fiscal year. Description Debit Credit Close budget: APPROPRIATIONS ESTIMATED OTHER FINANCING SOURCES Close operating accounts: Revenues--real estate & personal property taxes Revenues--intergovernmental Expenditures--general government Expenditures--public safety Expenditures--education Expenditures--public works Expenditures--human services Expenditures--debt principal payments Expenditures--debt interest payments Remaining budgetary encumbrances: ENCUMBRANCES