Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Debit Credit Transactions Fund General Journal 1. Record the closure of budgetary statements account General Fund Appropriations Estimated Revenues Budgetary Fund Balance 3,119,000 2. Record the closure of operating statements account. General Fund Revenues Expenditures Fund Balance-Unassigned The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Credits Debits $ 298,000 584,000 $299,120 26,380 11,260 Cash 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 16,200 149,500 60,490 300,000 16,200 88,010 $924,580 $924,580 CITY OF CASTLETON General Fund Balance Sheet As of June 30, 2020 Assets Cash Taxes Receivable-Delinquent Less: Allowance for Uncollectible TaxesDelinquent Interest and Penalties Receivable | Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Total Assets Liabilities and Fund Balances Liabilities: Vouchers Payable | Deferred Inflows of ResourcesUnavailable Revenues Total Liabilities and Deferred Inflows of Resources Fund Balances: NonspendableInventory of Supplies Unassigned Total Fund Balances Total Liabilities and Fund Balances CITY OF CASTLETON General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 2020 Revenues Taxes Interest and Penalties on Taxes Other Sources Total Revenues Expenditures Salaries and Wages Interest on Note Payable Other Total Expenditures Excess of Revenues over Expenditures Increase in Inventory of Supplies Fund Balances, July 1, 2019 Fund Balances, June 30, 2020 c. Prepare a General Fund balance sheet as of June 30, 2020. d. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. 1. The budget for FY 2020 provided for General Fund estimated revenues totaling $3,160,000 and appropriations totaling $3,119,000. General Fund Estimated Revenues 3,160,000 Appropriations Budgetary Fund Balance 3,119,000 41,000 Governmental Activities (No Journal Entry Required 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $38,540, of which 25 percent was estimated to be uncollectible. 6 General Fund Interest and Penalties Receivable 38,540 Allowance for Uncollectible Interest and Penalties 9,635 Revenues 28,905 38 54 38,540 Governmental Activities Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties General Revenues 9,635 28,905
