Problem: As of January 1, 2017, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger.

This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes:

As of January 1, 2017, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger.

CITY OF MONROE General Fund Balance Sheet As of December 31,2016 Assets Cash Taxes receivable $497,000 $210,000 (37,000 Less: Estimated uncollectible taxes net 173,000 5,200 (950 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties net Due from state government Total assets 4,250 210,000 $884,250 Liabilities, Deferred Inflows, and Fund Equit Liabilities Accounts payable Due to other funds Total liabilities $99,000 27,000 126,000 Deferred inflows - Property taxes 21,000 Fund equity: Fund balance-assigned $17,000 720,250 (for outstanding encumbrances) Fund balance-unassigned Total fund balance 737,250 $884,250 Total liabilities, deferred inflows and fund equity