The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe as of December 31, 2013, follow. These (beginning) balances have been entered in the proper general ledger accounts, as of 1/1/2014.

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, 2014, the City Council approved and the mayor signed a budget calling for $10,750,000 in property tax and other revenue, $9,255,000 in appropriations for expenditures, and $1,280,000 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, 2014, 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 $1,070,000 and appropriations of $1,065,000. Record the budget and post to the ledger.

CITY OF MONROE General Fund Balance Sheet As of December 31,2013 Assets $490,000 Cash Taxes receivable d Less: Estimated uncollectible delinquent taxes $210,000 (21,000) 5,200 (950 delinquent 189,000 Interest and penalties receivable on taxes Less: Estimated uncollectible interest and penalties Due from state government Total assets 4,250 210,000 $893,250 Liabilities and Fund Eaui Liabilities: Accounts payable Due to other funds Deferred revenues -property taxes Total liabilities S104,000 27,000 19,000 150,000 Fund equity: Fund balance-assigned (for outstanding encumbrances) $12,000 731,250 Fund balance -unassigned 743,250 $893,250 Total fund balance Total liabilities and fund equity