The assistance I require is to complete the General Fund and Special Revenue Fund Transactions from 4-C. General Fund Transactions and 4-C Part 2 Special Revenue Fund Transactions into the excel spreadsheets attached below. Also enclosed is an example using the excel templates to complete the exercises.

In total there are 4 files. This assignment needs to be completed by 2 pm EST USA.

Let me know if you can support me. This is the first time I am using this service and hopeful you can assist me. Please advise and many thanks.

City of Monroe - General Fund Journal Entries Account Titles reference 3-C Debits Estimated Revenues Control Appropriations Control Estimated Other Financing Uses Control Budgetary Fund Balance Credits - 4-C 1 Encumbrances Control 17,000 Budgetary Fund Balance - Reserve for Encumbrances 17,000 2 Deferred Inflows -Property Taxes Revenues Control 21,000 21,000 3 Taxes Receivable-Current Estimated Uncollectible Taxes Revenues Control - 4 Cash Tax Anticipation Notes Payable 5 Budgetary Fund Balance - Reserve for Encumbrances Encumbrances Control 17,000 5 Expenditures Control (2013) Accounts Payable 16,600 6 Accounts Payable Due to Other Funds Cash 7 Cash 17,000 16,600 115,600 27,000 142,600 10,811,500 Taxes Receivable-(Prior year) Interest and Penalties Receivable Taxes Receivable-Current Due From State Government Revenues Control 158,000 3,500 6,400,000 210,000 4,040,000 8 Encumbrances Control Budgetary F/B - Reserve for Encumbrances 3,465,000 9 Expenditures Control Due to Federal Government Cash 5,070,000 10 Expenditures Control Due to Federal Government Due to State Government 385,000 3,465,000 855,000 4,215,000 357,000 28,000 City of Monroe - General Fund Journal Entries 11 Budgetary Fund Balance - Reserve for Encumbrances Encumbrances Control 11 Expenditures Control Accounts Payable 12 Tax Anticipation Notes Payable Expenditures Control Cash 18,000 18,000 13 Due From State Government Revenues Control 332,000 14 Expenditures Control Due to Other Funds Due to Other Funds Cash 350,200 332,000 350,200 310,000 310,000 15 Due From State Government Revenues Control 52,000 52,000 16 Accounts Payable Due to Federal Government Due to State Government Other Financing Uses-Transfer Out Cash - 17 Estimated Revenues Control Budgetary Fund Balance Appropriations Control 73,000 139,000 212,000 18 Estimated Uncollectible Taxes Taxes Receivable Estimated Uncollectible Interest & Penalties Interest and Penalties Receivable 51,000 19 Interest and Penalties Receivable Estimated Uncollectible Interest & Penalties 17,200 51,000 1,600 1,600 1,100 16,100 Revenues Control 20 Revenues Control Deferred Inflows-Property debits = credits ??? 27,500 Taxes 27,500 21,317,200 21,317,200 City of Monroe - General Fund Journal Entries City of Monroe bb 4 7 CASH 502,000 10,811,500 General Fund - General Ledger 142,600 4,215,000 18,000 310,000 - 6 9 12 14 TAXES RECEIVABLE 210,000 bb 158,000 7 3 6,400,000 7 51,000 18 ESTIMATED UNCOLLECTIBLE TAXES 42,000 bb - 3 51,000 18 INTEREST & PENALTIES RECEIVABLE 5,200 bb 3,500 7 1,600 18 17,200 19 ESTM' UNCOLLECTIBLE INTEREST & PENALTIES 950 bb 1,600 18 bb 13 1,100 19 15 DUE FROM STATE GOV'T 210,000 210,000 332,000 52,000 16 (6,399,000) (9,000) 17,300 450 384,000 6,627,900 ACCOUNTS PAYABLE 99,000 bb 115,600 16,600 5 6 - 11 16 TAX ANTICIPATION NOTE PAYABLE DUE TO OTHER FUNDS - bb - 4 12 27,000 bb 6 27,000 14 310,000 - - DUE TO FEDERAL GOV'T - bb 855,000 9 357,000 10 350,200 14 - TOTAL FUND BALANCE (beginning of year) 737,250 bb 737,250 16 - 40,200 REVENUES CONTROL 21,000 4,040,000 332,000 52,000 27,500 16,100 20 DUE TO STATE GOV'T bb 28,000 10 16 - 1,212,000 2 28,000 5 3 9 7 10 13 11 15 12 19 14 EXPENDITURES CONTROL 16,600 5,070,000 385,000 18,000 350,200 5,839,800 4,433,600 DEFERRED INFLOWS - PROPERTY TAXES 21,000 21,000 2 27,500 27,500 OTHER FINANCING USES CONTROL 16 - - BUDGETARY ACCOUNTS ESTIMATED REVENUES c-3 73,000 17 73,000 ESTIMATED OTHER FINANCING USES APPROPRIATIONS BUDGETARY FUND BALANCE - c-3 212,000 17 - c-3 212,000 - - c-3 17 139,000 BUDGETARY FUND BALANCE ENCUMBRANCES RESERVE FOR ENCUMBRANCES CONTROL 17,000 1 17,000 1 17,000 17,000 5 3,465,000 8 3,465,000 11 8 (139,000) 3,465,000 3,465,000 City of Monroe Account Title General Fund - Closing Entries Debits BUDGETARY FUND BALANCE Credits (139,000) Preclosing Appropriations Estimated other financing uses Budgetary fund balance Estimated Revenues - closing entry - (139,000) Revenues Control Fund balance Expenditures Control Other Financing Uses Control FUND BALANCE 737,250 Budgetary Fund Balance - Reserve for Encumbrances Encumbrances Preclosing 3,465,000 3,465,000 - 737,250 closing entry ending balance Complete the following table Non-spendable Fund Balance Restricted Committed Assigned 3,465,000 Unassigned (2,727,750) Total 737,250 City of Monroe Statement of Revenues, Expenditures and Changes in Fund Balance General Fund For the year ended December 31, 2015 Revenues Property Taxes Sales Taxes Interest and Penalties on Taxes Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues $6,657,500 2,942,000 16,100 800,000 332,000 350,000 Total Revenues Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Capital Outlay Total Expenditures $ $1,646,900 3,026,900 1,441,400 591,400 724,100 374,300 917,300 492,800 9,215,100 Excess (Deficiency) of Revenues Over Expenditures 1,882,500 Other Financing Sources (Uses) Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 11,097,600 - $ 1,882,500 737,250 2,619,750 City of Monroe General Fund Balance Sheet As of December 31, 2015 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 $ - - City of Monroe Street and Highway Fund - General Ledger DUE FROM Account Titles reference Debits Credits bb 3-C Estimated Revenues Appropriations Budgetary Fund Balance 2 5 CASH 21,000 985,000 5,120 INVESTMENTS 59,000 bb bb 1 STATE GOV'T 109,000 1,072,000 985,000 - 923,000 2 6 4-C 1 Due From State Government Intergovernmental Revenues 2 Cash 1,072,000 88,120 59,000 196,000 1,072,000 985,000 Due from State Government 985,000 3 Encumbrances Budgetary F/B - Reserve for Encumbrances 6 ACCOUNTS PAYABLE 9,000 1,030,500 923,000 4 Budgetary Fund Balance - Reserve for Encumbrances Encumbrances 4 Expenditures- Street and Highway Maintenance Accounts Payable TOTAL FUND BALANCE (beginning of year) 180,000 bb 116,500 180,000 REVENUES INTERGOVERNMENTAL 1,072,000 1 1,030,500 1,030,500 REVENUES INVESTMENT INTEREST 5,120 5 EXPENDITURES - STREET & HIGHWAY MAINTENANCE 4 5 Cash bb 4 1,030,500 5,120 Revenues - Interest on Investments 5,120 1,072,000 6 Accounts Payable Cash 7 Budgetary Fund Balance Appropriations debits = credits ??? 1,030,500 5,120 923,000 923,000 BUDGETARY ACCOUNTS 4,500 4,500 4,020,120 c-3 ESTIMATED REVENUES - 4,500 - 4,020,120 4 BUDGETARY FUND BALANCE APPROPRIATIONS - c-3 7 7 4,500 BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES - bb - 3 - (4,500) 3 ENCUMBRANCES - Total Debits Total Credits 1,373,620 1,373,620 c-3 4,500 4 City of Monroe STREET HIGHWAY MAINTENANCE FUND - Closing Entries Account Title Debits Appropriations Budgetary fund balance Estimated Revenues BUDGETARY FUND BALANCE (4,500) Preclosing closing entry Credits (4,500) Revenues - Intergovernmental Revenues- Investment Interest Fund balance Expenditures- Street & Highway Maintenance FUND BALANCE 180,000 - Budgetary Fund Balance - Reserve for Encumbrances Encumbrances Control Preclosing closing entry 180,000 - ending balance Complete the following table Non-spendable Fund Balance Restricted 180,000 Committed Assigned Unassigned Total 180,000 City of Monroe Statement of Revenues, Expenditures and Changes in Fund Balance Street and Highway Maintenance Fund For the year ended December 31, 2015 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 $ 180,000 180,000 City of Monroe Street Highway Maintenance Fund Balance Sheet As of December 31, 2015 Assets Cash Investments Due from State Government Total Assets $ - Liabilities and Fund Equity Liabilities Accounts Payable Fund Equity Fund Balance - Restricted for Street and Highway Maintenance Total Liabilities and Fund Equity $ 180,000 180,000 USING EXCEL TEMPLATES TO COMPLETE EXERCISES Estimated Revenues 750,000 Estm' Other Financing Sources 100,000 Appropriations Budgetary Fund Balance To record budget 800,000 185,000 Type your journal entries in this space - you do not have to type commas, the cells are formatted to put them in. Next we will post these to the t-accounts. Beginning account balances have already been entered for you in the problem template provided Estimated Revenues 750,000 Estm' Other Financing Sources 100,000 Appropriations Budgetary Fund Balance To record budget 800,000 185,000 Click on the first cell where you wish to post the entry. Estimated Revenues 750,000 Estm' Other Financing Sources 100,000 Appropriations Budgetary Fund Balance To record budget 800,000 185,000 Click on the cell you wish to link from and hit \"enter\" key Type an equals sign = Estimated Revenues 750,000 Estm' Other Financing Sources 100,000 Appropriations Budgetary Fund Balance To record budget 800,000 185,000 The amount will appear in the destination cell 750,000 Estimated Revenues 750,000 Estm' Other Financing Sources 100,000 Appropriations Budgetary Fund Balance To record budget 800,000 185,000 Click on the cell you wish to link from and hit \"enter\" key Repeat for additional debits and credits in the entry - Type an equals sign = Estimated Revenues 750,000 Estm' Other Financing Sources 100,000 Appropriations Budgetary Fund Balance To record budget 800,000 185,000 Click on the cell you wish to link from and hit \"enter\" key Repeat for additional debits and credits in the entry - Type an equals sign 750,000 100,000 = After you post each journal entry, scroll down to check that debits equal credits. If they don't, you probably posted something to the wrong side of a t-account. OK, now we have all the journal entries posted and we are ready to move on to closing entries. These are located on the second tab, found at the bottom of the excel screen. But before we move on, what accounts will we be closing? Only the Activity and Budgetary accounts are closed. Activity Accounts Now open the second window by clicking on the tab below Budgetary Accounts = Click a cell and type an equals sign. Type in names of the budgetary and activity accounts. Because we are closing the accounts, we will debit those with credit balances and credit those with debit balances = Open the first tab Click on the cell you wish to link from and hit \"enter\" key 703,000 You will return to the 2nd tab and the amount will appear. Repeat these steps for each activity and budgetary account. The T-accounts for the \"equity\" accounts (Fund balance or Net Position) appear again on this tab. Post the closing entry to these T-accounts using the same linking (=) procedures. The budgetary fund balances are now eliminated. The remaining fund balance is the end of the year balance and will appear on the balance sheet. GASB requires that the \"equity\" accounts (Fund balance or Net Position) be reported within specific categories, as described in the textbook. A table is provided for allocating the total among the various categories. Equals supplies Equals encumbrances Plug Then open the first financial statement tab The headings are built into the template and will appear when the file is printed Some problems may assume balances for other funds. This will be described on the spreadsheet. areas shaded in blue are not a requirement of this exercise but are assumed to provide a complete financial statement It is now time to link the financial statements to the work completed on earlier tabs All items appearing on Activity Statements can be found in the closing entry = Click on the first cell and type an equals sign. Open the 2nd tab. Click on the desired cell and hit enter. 703,000 The amount will appear in the financial statement. Repeat for remaining items The template will calculate subtotals and totals Before leaving the activity statement, check that the totals agree with tab 2 Note, link to the beginning fund balance here (Tab 1) Finally, move on to the balance sheet Link all these items to ending account balances on Tab 1 Link all these items to the table on Tab 2 Finally, check to see if the Balance Sheet is in balance. By using links within your worksheet, if you need to adjust a journal entry, you can do so and everything else will be automatically adjusted for the change. Continuous Problem - City of Monroe Continuous Problem - City of Monroe TO ACCOMPANY ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ORGANIZATIONS: TWELFTH EDITION Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds General Special revenueStreet and Highway Fund Capital projectsCity Hall Annex Construction Fund Debt serviceCity Jail Annex Debt Service Fund Debt serviceCity Hall Debt Service Fund Proprietary Funds Internal serviceStores and Services Fund EnterpriseWater and Sewer Fund Fiduciary Funds Private-purposeStudent Scholarship Fund Pension trustFire and Police Retirement Fund Chapters 3 & 4 The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2015. 1 Continuous Problem - City of Monroe 2 Continuous Problem - City of Monroe CITY OF MONROE General Fund Balance Sheet As of December 31, 2014 Assets Cash $502,000 Taxes receivable $210,000 Less: Estimated uncollectible taxes (42,000) net 168,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) net 4,250 Due from state government 210,000 Total assets $884,250 Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable $ 99,000 Due to other funds 27,000 Total liabilities 126,000 Deferred inflows - Property taxes Fund equity: Fund balanceassigned (for outstanding encumbrances) Fund balanceunassigned Total fund balance Total liabilities, deferred inflows and fund equity 21,000 $17,000 720,250 737,250 $884,250 CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2014 Assets Cash Investments Due from state government Total assets Liabilities and Fund Equity Liabilities: Accounts payable Fund equity: Fund balanceassigned for streets and highways 3 $21,000 59,000 109,000 $189,000 $9,000 180,000 Continuous Problem - City of Monroe Total liabilities and fund equity $189,000 3-C. This portion of the continuous problem continues the General Fund and special revenue fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget information for the City includes: a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for $11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest. Record the budget for the General Fund and post to the ledger. b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the Street and Highway Fund that provided for estimated revenues from the state government in the amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the ledger. 4-C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2015. 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 $ 17,000 for purchase orders outstanding at the end of 2014 were re-established. (2) The January 1, 2015, balance in Deferred Inflows - Property Taxes relates to the amount of the 2014 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2015 revenues. (3) A general tax levy in the amount of $6,800,000 was made. It is estimated that 2 percent 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, 2014 were received, along with invoices amounting to $16,600; the invoices were approved for payment. The City maintains immaterial amounts in supply inventories and it is the practice of the City to charge supplies to expenditure when received. (6) All accounts payable and the amount due other funds were paid. (7) The General Fund collected the following ($ 10,811,500) in cash: o prior year taxes, $158,000; o interest and penalties receivable on prior year taxes, $3,500; o current taxes, $6,400,000; o $210,000 previously recorded as due from the state government; o licenses and permits, $800,000; 4 Continuous Problem - City of Monroe 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 $5,070,000. 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 $3,375,300 and approved for payment. The related encumbrance amounted to $3,407,000. (12) Tax anticipation notes were paid at maturity, along with interest in the amount of $18,000. (13) Notification was received that an unrestricted state grant in the amount of $332,000 would be received during the first month of the next year. (14) The General Fund recorded a liability to the Water and Sewer Fund for services 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 $52,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year. (16) The General Fund paid accounts payable in the amount of $3,015,000 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 net amount of $212,000. Estimated revenues were increased by $73,000. (18) The City Council authorized a write-off of $51,000 in delinquent property taxes and corresponding interest and penalties amounting to $1,600. (19) Interest and penalties receivable on taxes were accrued in the amount of $17,200; $1,100 of this amount is expected to be uncollectible. (20) It is estimated that $27,500 of the outstanding taxes receivable will be collected 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. 5 Continuous Problem - City of Monroe d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2015. Confirm that the revenue and expenditure control accounts agree with the following detail and use this information in the Statement: Revenues Property Taxes . . . . . . $6,657,500 Sales Taxes 2,942,000 Interest and Penalties on Taxes . . . . . . . . . . . 16,100 Licenses and Permits . 800,000 Intergovernmental Revenue . . . . . . . . . . . 332,000 Miscellaneous Revenue 350,000 Total . . . . . . . . . . . . $11,097,600 Expenditures General Government . . . $1,646,900 Public Safety . . . . . . . . . 3,026,900 Highways and Streets . . 1,441,400 Sanitation . . . . . . . . . . . . 591,400 Health . . . . . . . . . . . . . . 724,100 Welfare . . . . . . . . . . . . . 374,300 Culture and Recreation . 917,300 Capital Outlay . . . . . . . . 492,800 Total . . . . . . . . . . . . . $9,215,100 e. Prepare in good form a Balance Sheet for the General Fund as of the end of fiscal year, December 31, 2015. 4-C. Part 2. Special Revenue Fund Transactions Required: a. Record journal entries for the following transactions for FY 2015 and post to the general ledger. As there are relatively few revenues and expenditures, the use of control accounts is not necessary. (Make entries directly to individual revenue and expenditure accounts). (1) The state government notified the City that $1,072,000 will be available for street and highway maintenance during 2015 (i.e. the City has met eligibility requirements). The funds are not considered reimbursement-type as defined by GASB standards. (2) Cash in the total amount of $985,000 was received from the state government. (3) Contracts, all eligible for payment from the Street and Highway Fund, were signed in the amount of $1,062,000. (4) Contractual services (see transaction 3) were received; the related contracts amounted to $1,043,000. Invoices amounting to $1,030,500 for these items were approved for payment. The goods and services all were for street and highway maintenance. (5) Investment revenue of $5,120 was earned and received. (6) Accounts payable were paid in the amount of $923,000. (7) All required legal steps were accomplished to increase appropriations in the amount of $4,500. b. Prepare and post the necessary closing entries for the Street and Highway Fund. 6 Continuous Problem - City of Monroe c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the Street and Highway Fund for the fiscal year ended December 31, 2015. d. Prepare a Balance Sheet for the Street and Highway Fund as of December 31, 2015. Assume any unexpended net resources are classified as Restricted Fund Balance. t 7