The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2016, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2017. CITY OF MONROE General Fund Balance Sheet As of December 31, 2016 Assets Cash Taxes receivable Less: Estimated uncollectible taxes net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) net Due from state government Total assets Liabilities, Deferred Inflows, 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 balance Total liabilities, deferred inflows and fand equity CITY OF MONROE Street and Highway Fund Balance Sheet As of December 31, 2016 Assets Cash Investments Due from state government Total assets Liabilities and Fund Equity Liabilities: $210,000 (37,000) $17,000 720,250 $497,000 $23,000 59,000 107,000 $189,000 173,000 4,250 210,000 $884.250 $ 99,000 27,000 126,000 21,000 737,250 $884,250 Accounts payable Fund equity: Fund balance assigned for streets and highways Total liabilities and fund equity $9,000 180,000 $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, 2017, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,350,000 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, 2017, 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.