The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2023, follow. These (beginning) balances are recorded in the proper general ledger accounts, as of 1/1/2024. CITY OF MONROE General Fund Balance Sheet As of December 31, 2023 Assets Cash $ 470,000 Taxes receivable $ 185,000 Less: Estimated uncollectible taxes (37,000) Net 148,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) Net 4,250 Due from state government 204,000 Total assets $ 826,250 Liabilities, Deferred Inflows, and Fund Balance Liabilities: Accounts payable $ 75,000 Due to other funds 27,000 Total liabilities 102,000 Deferred inflows Property taxes 26,500 Fund Balance: Fund balanceassigned (for outstanding encumbrances) $ 18,700 Fund balance-unassigned 679,050 Total fund balance 697,750 Total liabilities, deferred inflows, and fund balance $ 826,250 3-C. The City prepares annual budgets for the General and special revenue funds. Subsidiary accounts are not required. Prepare journal entries to record the following: a. As of January 1, 2024, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 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. 4-C. Part 1. General Fund Transactions 4-C. Part 1. General Fund Transactions Required: a. Record journal entries for the following transactions for FY 2024. 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. . Encumbrances of $18,700 for purchase orders outstanding at the end of 2023 were re-established. . The January 1, 2024, balance in Deferred Inflows Property Taxes relates to the amount of the 2023 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2024 revenues. . A general tax levy in the amount of $6,800,000 was made. It is estimated that 14 percent (.0125) of the tax will be uncollectible. . The city borrowed $500,000 from a local bank, signing a short-term (tax anticipation) note payable. . Goods and supplies related to all encumbrances outstanding as of December 31, 2023 were received, along with invoices amounting to $18,700. 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 (not inventory) when received. . All accounts payable and the amount due other funds were paid. . The General Fund collected the following in cash: prior year taxes receivable, $142,000; interest and penalties receivable on prior year taxes, $3,500; current year taxes receivable, $6,390,000; $204,000 previously recorded as due from the state government; licenses and permits, $812,000; sales taxes, $2,890,000; and o Miscellaneous revenues, $350,000 b. Purchase orders and contracts were issued in the amount of $3,465,000. c. Payrolls for the General Fund totaled $5,090,000. 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. d. 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. e. Most of the supplies and services ordered in transaction 9 were received in the amount of $3,402,000 and the invoices were approved for payment. The related encumbrance amounted to $3,407,000. The remaining encumbrances represent outstanding purchase orders expected to be filled in January 2025. f. Tax anticipation notes were paid at maturity, along with interest in the amount of $18,000. g. The city billed the state government $340,000 for a reimbursement-type grant supporting general government operations. The cash is expected to be received during the first week of the next year. h. 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. i. The General Fund recorded an amount due of $45,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year. ~N O o b w N o 0o o o o o o 3 i. The General Fund recorded an amount due of $45,000 from the state government, representing sales taxes to be collected from retail sales taking place during the last week of the year. j. 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. k. City Council considered several revisions to the budget. All required legal steps were accomplished to increase appropriations by the net amount of $109,000. Estimated revenues were increased by $73,000. I. The City Council authorized a write-off of $65,000 in delinquent property taxes and corresponding interest and penalties receivable amounting to $1,600. Interest and penalties receivable on taxes were accrued in the amount of $17,200; $1,100 of this amount is expected to be uncollectible. n. ltis estimated that $27,500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year-end. Post the entries to the general ledger in the T-accounts. Prepare 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. Confirm that the revenue and expenditure control accounts agree with the following detail (amounts are assumed) and use this information in the Statement: Revenues Expenditures Property Taxes $ 6,714,000 General Government $ 1,649,000 Sales Taxes 2,935,000 Public Safety 3,066,900 Interest and Penalties on Taxes 16,100 Highways and Streets 1,441,400 Licenses and Permits 812,000 Sanitation 591,400 Intergovernmental Revenue 340,000 Health 724,100 Miscellaneous Revenue 350,000 Welfare 381,000 Culture and Recreation 917,300 Capital Outlay 492,800 Total $ 11,167,100 Total $ 9,263,900 Enter amounts from the General Fund general ledger to the appropriate column in the governmental funds financial statements (Excel file provided). Complete this question by entering your answers in the tabs below. General Fund | General Fund Closing Entries Stmt of Rev Balance Sheet Entries T Accounts 9 and Exp