Problem I: (AICPA adapted) Journal entries, general fund. The general fund trial balance of the city of Oakwood at December 31, 2017, was as follows: Credit 8,000 Debit Cash 62,000 Taxes Receivable-Delinquent 46,000 Allowance for Uncollectible Delinquent Taxes Inventory 18,000 Vouchers Payable Fund Balance Nonspendable (Inventory) Fund Balance-Assigned (Encumbrances) Fund Balance Unassigned Totals 126,000 The following data pertain to 2018 general fund operations: a. Budget adopted: 28,000 18,000 12,000 60,000 126,000 Revenues and other financing sources: Taxes 220,000 Fines, forfeits, and penalties 80,000 Miscellaneous revenues 100,000 Share of bond issue proceeds 200,000 600,000 Expenditures and other financing uses: Program operations 300,000 General administration 120,000 Supplies 60,000 Capital outlay 80,000 Transfer to debt service fund 20,000 580,000 Encumbrances from 2017 are included in the budget. b. Taxes were assessed at an amount that would result in revenues of $220,800, after a deduction of 4% of the tax levy as uncollectible. c. Orders placed for: Program operations... General administration Capital outlay 176,000 80,000 60,000 Capital outlay 60,000 316,000 d. The city council designated $20,000 of the unassigned fund balance for possible appropriation for capital outlay. e. Cash collections and transfer: Delinquent taxes (balance is uncollectible) Current taxes Refund of overpayment on equipment invoice in 2017 Fines, forfeits, and penalties Miscellaneous revenues Share of bond issue proceeds 38,000 226,000 4,000 88,000 90,000 200,000 1 Operating transfer from capital projects fund 18,000 664,000 f. Vouchers approved for payment (all previously encumbered): Estimated Actual Applicable to prior year but re-budgeted 12,000 12,000 Program operations 144,000 154,000 General administration 84,000 80,000 Capital outlay 62.000 62.000 302,000 308,000 g. Additional vouchers approved (not previously encumbered): Program operations 148,000 Supplies 40,000 General administration 38,000 Capital outlay 18,000 Transfer to debt service fund 20,000 264,000 h. A taxpayer overpaid 2018 taxes by $2,000. (The taxes were credited to miscellaneous revenue upon receipt.) The taxpayer applied for a $2,000 credit against 2019 taxes. The city council granted the request. The council instructed the city controller to adjust the estimated uncollectible current taxes to cover the remaining uncollected balance. i. Vouchers paid amounted to $580,000. j. Inventory on December 31, 2018, amounted to $12,000. Instructions: Prepare journal entries to record the foregoing data. Omit explanations