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.) General Journal Debit Credit Transactions Fund 1. Record the closure of budgetary statements account. 1 General Fund 2. Record the closure of operating statements account. 2 General Fund 17e Record the reclassification of the related allowance for estimated uncollectible property taxes of current year. 17f Record the reclassification of the property tax revenue of current year. 18. A physical inventory of materials and supplies at June 30, 2023, showed a total of $22,100. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory 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 journal and Inventory of Supplies was debited in the governmental activities journal.) 18 General Fund Governmental Activities 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $39,930, of which 30 percent was estimated to be uncollectible. 6 General Fund Governmental Activities 7. Because of a change in state law, the city was notified that it will receive $110,000 less in intergovernmental revenues than was budgeted. 7 General Fund Governmental Activities 8. Delinquent taxes of $14,292 were deemed uncollectible and written off. The associated interest and penalties of $1,102 also were written off. 8 General Fund 8. Delinquent taxes of $14,292 were deemed uncollectible and written off. The associated interest and penalties of $1,102 also were written off. 8 General Fund Governmental Activities 9. Total payroll during the year was $969,490. Of that amount, $74,170 was withheld for employees' FICA tax liability, $118,710 for employees' federal income tax liability, and $35,900 for state taxes; the balance was paid to employees in cash. 9 General Fund Governmental Activities 10. The employer's FICA tax liability was recorded for $74,170. 10 General Fund Governmental Activities 11. Cash collections from sales taxes totaled $840,000 and from revenue sources other than taxes were $125,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $13,500. 11 General Fund Governmental Activities 12. Amounts due to the federal government as of June 30, 2023, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 12 General Fund 13. Purchase orders and contracts encumbered in the amount of $2,138,040 were filled at a net cost of $2,137,570, which was vouchered. 13a General Fund Record the reversal of encumbrances entry of 2023. 13b Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. 13c Governmental Activities Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. 14. Vouchers payable totaling $2,451,660 were paid after deducting a credit for purchases discount of $9,530 (credit Expenditures). 14 General Fund Governmental Activities 15. The tax anticipation note of $750,000 was repaid. Interest totaled $11,500. 15 General Fund Governmental Activities 16. A transfer of $235,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. 16 General Fund Governmental Activities 17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles 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 year. 17a General Fund Record the reclassification of the unpaid property taxes of current year. 17e Record the reclassification of the related allowance for estimated uncollectible property taxes of current year. 17f Record the reclassification of the property tax revenue of current year. 18. A physical inventory of materials and supplies at June 30, 2023, showed a total of $22,100. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory 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 journal and Inventory of Supplies was debited in the governmental activities journal.) 18 General Fund Governmental Activities The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year: Credits Debits $ 470,000 26,000 598,000 $ 204,000 27,780 12,660 Cash Sales Taxes Receivable Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 17,600 163,500 74,490 456,000 17,600 211,130 $1,139,380 $1,139,380 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. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. Avoid use of functiona details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund / Governmental Transaction General Journal Debit Credit Activities 1. The budget for FY 2023 provided for General Fund estimated revenues totaling $3,440,000, appropriations totaling $3,150,000, and an other financing useinterfund transfer out of $235,000. 1 General Fund 2. The city council authorized temporary borrowing of $750,000 in the form of a 120-day tax anticipation note obtained from a local bank. General Fund and Governmental Activities 3. The property tax levy for FY 2023 was recorded. Net assessed valuation of taxable property for the year was $41,900,000, and the tax rate was $6 per $100. It was estimated that 3 percent of the levy would be uncollectible. 3 General Fund 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,210,000. 4 General Fund Governmental Activities 5. $2,242,000 of current taxes, $398,270 of delinquent taxes, $22,070 of interest and penalties, and $26,000 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. Record the $2,242,000 of current taxes, $398,270 of delinquent taxes, and $22,070 of interest and penalties collected 5a General Fund 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 5c Governmental Activities Record the $2,242,000 of current taxes, $398,270 of delinquent taxes, and $22,070 of interest and penalties collected. 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $39,930, of which 30 percent was estimated to be uncollectible. 6 General Fund 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.) General Journal Debit Credit Transactions Fund 1. Record the closure of budgetary statements account. 1 General Fund 2. Record the closure of operating statements account. 2 General Fund 17e Record the reclassification of the related allowance for estimated uncollectible property taxes of current year. 17f Record the reclassification of the property tax revenue of current year. 18. A physical inventory of materials and supplies at June 30, 2023, showed a total of $22,100. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory 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 journal and Inventory of Supplies was debited in the governmental activities journal.) 18 General Fund Governmental Activities 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $39,930, of which 30 percent was estimated to be uncollectible. 6 General Fund Governmental Activities 7. Because of a change in state law, the city was notified that it will receive $110,000 less in intergovernmental revenues than was budgeted. 7 General Fund Governmental Activities 8. Delinquent taxes of $14,292 were deemed uncollectible and written off. The associated interest and penalties of $1,102 also were written off. 8 General Fund 8. Delinquent taxes of $14,292 were deemed uncollectible and written off. The associated interest and penalties of $1,102 also were written off. 8 General Fund Governmental Activities 9. Total payroll during the year was $969,490. Of that amount, $74,170 was withheld for employees' FICA tax liability, $118,710 for employees' federal income tax liability, and $35,900 for state taxes; the balance was paid to employees in cash. 9 General Fund Governmental Activities 10. The employer's FICA tax liability was recorded for $74,170. 10 General Fund Governmental Activities 11. Cash collections from sales taxes totaled $840,000 and from revenue sources other than taxes were $125,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $13,500. 11 General Fund Governmental Activities 12. Amounts due to the federal government as of June 30, 2023, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered. 12 General Fund 13. Purchase orders and contracts encumbered in the amount of $2,138,040 were filled at a net cost of $2,137,570, which was vouchered. 13a General Fund Record the reversal of encumbrances entry of 2023. 13b Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. 13c Governmental Activities Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023. 14. Vouchers payable totaling $2,451,660 were paid after deducting a credit for purchases discount of $9,530 (credit Expenditures). 14 General Fund Governmental Activities 15. The tax anticipation note of $750,000 was repaid. Interest totaled $11,500. 15 General Fund Governmental Activities 16. A transfer of $235,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. 16 General Fund Governmental Activities 17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles 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 year. 17a General Fund Record the reclassification of the unpaid property taxes of current year. 17e Record the reclassification of the related allowance for estimated uncollectible property taxes of current year. 17f Record the reclassification of the property tax revenue of current year. 18. A physical inventory of materials and supplies at June 30, 2023, showed a total of $22,100. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory 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 journal and Inventory of Supplies was debited in the governmental activities journal.) 18 General Fund Governmental Activities The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year: Credits Debits $ 470,000 26,000 598,000 $ 204,000 27,780 12,660 Cash Sales Taxes Receivable Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 17,600 163,500 74,490 456,000 17,600 211,130 $1,139,380 $1,139,380 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. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. Avoid use of functiona details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever required. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund / Governmental Transaction General Journal Debit Credit Activities 1. The budget for FY 2023 provided for General Fund estimated revenues totaling $3,440,000, appropriations totaling $3,150,000, and an other financing useinterfund transfer out of $235,000. 1 General Fund 2. The city council authorized temporary borrowing of $750,000 in the form of a 120-day tax anticipation note obtained from a local bank. General Fund and Governmental Activities 3. The property tax levy for FY 2023 was recorded. Net assessed valuation of taxable property for the year was $41,900,000, and the tax rate was $6 per $100. It was estimated that 3 percent of the levy would be uncollectible. 3 General Fund 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,210,000. 4 General Fund Governmental Activities 5. $2,242,000 of current taxes, $398,270 of delinquent taxes, $22,070 of interest and penalties, and $26,000 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. Record the $2,242,000 of current taxes, $398,270 of delinquent taxes, and $22,070 of interest and penalties collected 5a General Fund 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 5c Governmental Activities Record the $2,242,000 of current taxes, $398,270 of delinquent taxes, and $22,070 of interest and penalties collected. 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $39,930, of which 30 percent was estimated to be uncollectible. 6 General Fund