Presented below are a number of transactions for the City of Smithville that occurred during fiscal year $2023,$ the year for which the budget given in Chapter $3$ was recorded. Read all instructions carefully.

a$.$ After opening the data file containing your data from Chapters $2$ and $3$ of this project, record the following transactions in the general journal for the General Fund and, if applicable, in the general journal for governmental activities at the government$-$wide level. For all entries, the date selected should be year $2023.$ For each of the paragraphs that requires entries in both the General Fund and governmental activities journals, you can either record them in both journals on a paragraph$-$by$-$paragraph basis or$,$ alternatively, record all the General Fund journal entries first for all paragraphs, then complete the governmental activities journal entries for all paragraphs. Regardless Si the method you choose, we recommend that you refer to the illustrative journal entries in Chapter $4$ of the Reck, Lowensohn, and Neely textbook $(19$th edition$)$ for guidance in making all entries.$$

For each entry affecting budgetary accounts or operating statement accounts, you will be directed to the Detail Journal to allow you to record the appropriate amounts in the detail budgetary or actual accounts, as was the case in Chapter $3.$

$5.[$Para$.4-$a$-5]$ Of the $$387,201$ in delinquent property taxes collected in transaction $4-$a$-3,$ $$88,115$ had been recorded in the Deferred Inflows of Resources account. Additionally, $$7,766$ of the interest and penalties collected in $4-$a$-3$ had also been recorded as deferred inflows of resources.

Required: In the General Fund recognize the property tax revenues and the interest and penalties revenues related to the deferred inflows of resources. To do this debit the Deferred Inflows of Resources account and credit related property tax revenues and interest and penalties revenues. Select "Previous Deferral" in the $[$Description$)$ menu in the Detail Journal. Under accrual accounting the deferral was not recognized in the governmental activities journal; therefore, there is no need to record a journal entry in the governmental activities journal.