Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2017 revenues (3) A general tax levy in the amount of S6,800,000 was made. It is estimated that 24 percent (0225) of the tax will be uncollectible (4) Tax anticipation notes in the amount of $500,000 were issued. (5) Goods and supplies related to all encumbrances outstanding as of December 31, 2016 were received, along with invoices amounting to $16,600; the invoices were approved tor payment. The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure when received (6) All accounts payable and the amount due other funds were paid (7) The General Fund collected the following (S 10,811,500) in cash: o prior year taxes, $158,000; o interest and penalties receivable on prior year taxes, S3,500 o current taxes, S6,400,000; o S210,000 previously recorded as due from the state government o licenses and permits, $800,000 o sales taxes, $2,890,000; and o miscellaneous revenues, $350,000 (8) Purchase orders and contracts were issued in the amount of $3,465,000 (9) Payrolls for the General Fund totaled S5,070,000. Of that amount, $498,000 were withheld for employees' federal income taxes and $357,000 were withheld for employees FICA and Medicare tax liability; the balance was paid in cash. The encumbrance system is not used for payrolls (10) The liability for the city's share of FICA and Medicare taxes, $357,000, was recorded as was the liability for state unemployment taxes in the amount of $28,000 (11) Invoices for most of the supplies and services ordered in transaction 8 were received in the amount of S3,375,300 and approved for payment. The related encumbrance amounted to S3,407,000 (12) Tax anticipation notes were paid at maturity, along with interest in the amount (13) Notification was received that an unrestricted state grant in the amount of (14) The General Fund recorded a liability to the Water and Sewer Fund for services of $18,000 S332,000 would be received during the first month of the next year in the amount of $37,000 and to the Stores and Services Fund for supplies in the amount of $313,200; $310,000 of the amount due the Stores and Services Fund was paid. (15) The General Fund recorded an amount due of S52,000 from the state government, representing sales taxes to be collected from retail sales taking ace during the last week of the vear (16) The General Fund paid accounts payable in the amount of $3,175,000 and paid the amounts due the federal and state governments. The General Fund also transferred to the debt service funds cash in the amount of $1,662,000 for the recurring payment of principal and interest (17) All required legal steps were accomplished to increase appropriations by the (18) The City Council authorized a write-off of S51,000 in delinquent property taxes (19) Interest and penalties receivable on taxes were accrued in the amount of (20) It is estimated that S10,500 of the outstanding taxes receivable will be collected net amount of $109,000. Estimated revenues were increased by $73,000 and corresponding interest and penalties amounting to S1,600 $17,200; $1,100 of this amount is expected to be uncollectible more than 60 days beyond the fiscal year-end. b. Post the entries to the general ledger c. Prepare and post the closing entries for the General Fund. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2017. Confirm that the revenue and expenditure control accounts agree with the following detail and use this information in the Statement: 737.250 BUDGETARY ACCOUNTS ESTIMATED OTHER FINANCING USES BUDGETARY FUND BALANCE BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES ENCUMBRANCES ESTIMATED REVENUES APPROPRIATIONS CONTROL Total Debits Total Credits 922200 922,200 BUDGETARY FUND BALANCE Account Title Debits Credits - Preclosing closing entry FUND BALANCE 737,250 Preclosin closing entry 737250 ending balance Complete the following table Fund Balance Revenues Property Taxes Sales Taxes Interest and Penalties on Taxes Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues S6,657,500 2,942,000 16,100 800,000 332,000 350,000 Blue shaded cells were given as part of the problem. Total Revenues 11,097,600 $11,097,600 Expenditures Current General Government Public Safety Highways and Streets Sanitation Health $1,646,900 3,026,900 1.441.400 591,400 724,100 374,300 917,300 492,800 Welfare Culture and Recreation Capital Outlay Total Expenditures 9,215,100 9,215,100 Excess (Deficiency) of Revenues Over Expenditures 1,882,500 Other Financing Sources ( Transfers Out Uses) enter links in grey shaded areas Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 1,882,500 S 1,882,500 Assets Cash Taxes Reveivable - Deliquent Less Allowance Uncollectible Interest and Penalties Receivable on Taxes Less Estimated Uncollectibles Due from State Government Total Assets Liabilities and Fund Equity Liabilities Accounts Payable Due to Other funds Total Liabilities Deferred Inflows Property Taxes Fund Equity Fund Balance - Assigned (for outstanding encumbrances) Fund Balance Unassigned Total Fund Equity Total Liabilities, Deferred Inflows and Fund Equity Account Titles Debits Credits CASH 23,000 reference NVESTMENTS STATE GOVT bb bb 59,000 bb 107,000 4-C type debit accounts in this column type credit accounts in this column 23,000 59,000 107,000 TOTAL FUND BALANCE inning of vear ACCOUNTS PAYABLE 9,000 bb 180,000 bb 9,000 180,000 REVENUES INTERGOVERNMENTAL REVENUES EXPENDITURES-STREET INVESTMENT INTEREST &HIGHWAY MAINTENANCE BUDGETARY ACCOUNTS BUDGETARY FUND BALANCE ESTIMATED REVENUES APPROPRIATIONS BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES ENCUMBRANCES BU Account Titles Debits Credits INVESTMENTS STATE GOVT CASH 23,000 reference bb 59,000 bb 107,000 4-C type debit accounts in this column type credit accounts in this column 23,000 59,000 107,000 TOTAL FUND BALANCE ACCOUNTS PAYABLE inning of yea 9,000 bb 180,000 bb 9,000 180,000 REVENUES INTERGOVERNMENTAL REVENUES EXPENDITURES-STREET NVESTMENT INTEREST &HIGHWAY MAINTENANCE BUDGETARY ACCOUNTS BUDGETARY FUND BALANCE ESTIMATED REVENUES APPROPRIATIONS BUDGETARY FUND BALANCE RESERVE FOR ENCUBRANCES ENCUMIBRANCES Revenues Intergovernmental Revenues Interest on Investments Total Revenues Expenditures Current Street & Highway Maintenance Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Fund Balance, January 1 Fund Balance, December 31 CITY OF MONROE General Fund Balance Sheet As of December 31,2016 Assets Cash $497,000 $210,000 (37,000 5,200 laxes feceivable Less: Estimated uncollectible taxes net 173,000 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties 50 4,250 210,000 $884.250 net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Equih Liabilities Accounts payable Due to other funds Total liabilities S 99,000 27,000 126,000 Deferred inflows Property taxes 21,000 Fund equity: Fund balance-assigned (for outstanding encumbrances) $17,000 720,250 Fund balance-unassigned Total fund balance 737,250 Total liabilities, deferred inflows and fund equity CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 ssets Cash Investments Due from state government Total assets $23,000 59,000 107,000 $189,000 Liabilities and Fund Equity Liabilities $9,000 Accounts payable Fund balance-assigned for streets and Total liabilities and fund equity Fund equity: 180,000 $189.000 highways