question 13 part a, assume that General City Comptroller does actually receive the loan that he or she ask for. Book a journal entry for that. Part B, we are simply booking an entry for the collection of taxes levied in the previous year.

Short Answer (20 pts Each) 13. Assume General City has the following information available: a. General City Comptroller goes to the bank and asks for a $2,500,000 not to finance a government operation in advance of collecting the first property tax installment b. Collection of taxes and related interest for the previous year is as follows: Current taxes..... $1,500,000 Delinquent taxes..................... $300,000 Interest on delinquent taxes........... $10,000 Tax liens............ $35,000 Interest on tax liens........ $3,000 . . . Instructions: record the above transaction in a general journal 2.4. Assuming normal balances in the following accounts prepare closing entries for the fiscal year ending March 31. Account Normal Balance Appropriations Budgetary Fund Balance Unassigned Estimated Other Financing Uses Estimated Other Financing Source Estimated Revenue $500,000 $35,000 $10,000 $325,000 $150,000