q17

The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year: a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30,2023 . b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. c. Prepare a General Fund balance sheet as of June 30,2023 . d. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30,2023 . Complete this question by entering your answers in the tabs below, Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. Avoid use of function detalis for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffce wherever required. (If no entry is required for a transaction/event, select "Na Journal Entry Required" in the first account field.) 3. The property tax levy for FY 2023 was reoorded. Net assessed valuation of taxable property for the year was $52,000,000, and the tax rate was $5 per 5100, it was estimated that 4 percent of the levy would be uncollectible. 5. $2,325,000 of current taxes, $403,270 of delinquent taxes, $22,570 of interest and penaltes, and $31,000 of accrued sales taxes were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end. 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $40,430, of which 20 percent was estimated to be uncollectble. 6 General Fund $14,792 were deemed uncollectible and written off, The associated interest and penalties of $1,152 also were written off. 9. Total payroll during the year was $1,019,490. Of that amount, $77,990 was withheld for employoes' FiCA tax liability, $123,710 for employees' foderal income tax liability, and $36,400 for state taxes: the balance was paid to employees in cash. > 9. Total payroll during the year was $1,019,490. Of that amount, $77,990 was withheld for employees' FlCA tax liability, \$123,710 for employees' federal income tax flability, and $36,400 for state taxes; the balance was paid to employees in cash. 11. Cash collections from sales taxes totaled $845,000 and from revenue sources other than taxes were $130,000, In addition, saies taxes receivable due July 1 were accrued in the amount of $14,000. 12. Amounts due to were vouchered. I 17. All unpaid current year's property taxes became delinquent, The balances of the current taxes receivable and related uncollectibies were transferred to delinquent accounts. The City uses the 60-day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal yoar. 18. A physical inventory of materials and supplies at June 30,2023 , showed a total of $23,100. inventory is recorded using the purchases method in the General Fund, the consumption method is used at the govemment-wide level. (Note: A periodic inventory system is used both in the General Fund and at Prev 17 of 20 \$\$:1: Next > 10. Aphysical ifiventory of materials and supplies at June 30,2023 , showed a total of $23, 100 . Imventory is recorded using the purchases tnethod in the General Fund; the consumption method it used at the govemment-wide level, (Note: A periodic ifventory system is used both in the General Fund and at the government-wide level. When inventory was purchased during the year, Expenditures were debited in the General Fund joumal and Inventory of Supplies was dobited in the governmental activitios joumal.) Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Prepare a General Fund balance sheet as of June 30,2023 . Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30,2023