prepare journal entries

The following general fund transactions occurred during 2012 for the City of Bingham. (a) Prepare journal entries to record the transactions (b) Prepare closing entries. (c) Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2012. 1. Adopted budget: Revenues: Property Tax Revenue $420,800 Fines, Forfeits, and Penalties 160,000 Miscellaneous Revenues 20,000 Expenditures and Other Financing Sources: Public Safety $390,000 General Government 120,000 Culture and Recreation 54,000 Transfers Out 30,000 2. Encumbrances outstanding at the end of 2011 were re-established. 8500 3. Property taxes of $430,000 were levied. 2% of the levy is expected to be uncollectible. 4. Purchase orders were issued in 2012: Public Safety $152,000 General Government 80,000 Culture and Recreation 54,000 5. Cash collections and transfers: Delinquent taxes Current taxes Fines, forfelts, and penalties Miscellaneous Revenues Transfers in $ 39,200 368,000 154,000 20,000 18,000 6. Purchase orders issued in 2012 were filed in the following amounts: Public Safety estimated- $149,000 actual- $148,400 General Govt estimated- $ 80,000 actual- $ 80,000 Culture and Recreation estimated-$ 54,000 actual- $ 54,000 7. Purchase orders issued in 2011 in the following amounts were filled in 2012. Public Safety estimated-$8,500 actual- $8,400 8. Additional salaries and wages were accrued (use Accounts Payable as the CR) Public safety $230,000 General Government 37,000 9. Accounts paid amounted to $570,000; the transfer out of $30,000 was made in cash. 10. Reclassify Taxes Receivable and Estimated Uncollectible Taxes from Current to Delinquent