The beginning balances as of 1/1/2017 for the City of Monroe's General Fund are listed below. The City follows the modified accrual accounting method for its general fund journal entries and financial statements. The following steps are required for this project.

Beginning balances: Cash $711,250; Delinquent Property Taxes Receivable $210,000; Allowance for Uncollectible Property Taxes $37,000; Accounts Payable $99,000; Due to Other Funds $27,000; Deferred Inflows of Resources $210,000; Total Fund Balance $548,250

Step 1) Record journal entries for the following transactions for FY2017 in Tab #1.

Step 2) Create a trial balance as of 12/31/2017 in Tab #1. Exclude any budgetary accounts from the trial balance.

Step 3) Record the appropriate closing entries in Tab #2. Outstanding encumbrances at year end are classified as Assigned Fund Balance and all remaining net resources are classified as Unassigned Fund Balance. The Supplies Inventory on hand at yearend was deemed immaterial and not classified as nonspendable. Based on this information, complete the Fund Balance Table in Tab #2.

Step 4) Prepare the Statement of Revenue, Expenditures and Changes in Fund Balance (Tab #3) and the Balance Sheet (Tab #4) for the General Fund as of 12/31/2017.

Journal entry?

1. 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 the debt service funds for the payment of principal and interest.

2.Encumbrances of $170,000 for purchase orders outstanding at the end of 2016 were re-established.

3.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 was also reclassified into delinquent receivables at the end of 2016. The full amount was collected in 2017.

4.A general tax levy in the amount of $6,800,000 was made for 2017 property taxes. It is estimated that 2.25% of the tax will be uncollectible.

5.Bonds in the amount of $500,000 were issued.

6.Goods and supplies related to all encumbrances outstanding as of December 31, 2016 were received, along with invoices amounting to $166,600. The City uses the Purchases Method to account for supplies inventory.

7.The amount due to other funds was paid. This went to the Proprietary Fund.

8.The General Fund collected the following in cash: o current year property taxes, $6,400,000; o sales taxes, $2,890,000.

9.Purchase orders for equipment were issued in the amount of $3,465,000.

10.Invoices for most of the equipment ordered in transaction 9 were received in the amount of $3,375,300 and paid. The related encumbrance amounted to $3,407,000.

11.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.

12.It is estimated that $10,500 of the outstanding taxes receivable will be collected more than 60 days beyond the fiscal year-end. The remaining balance in property tax receivable was transferred to delinquent property tax receivable.

13.The General Fund received supplies from the City's Internal Service Fund (proprietary fund) in the amount of $313,200. It still owes payment to the fund at yearend. The Purchase Method is used.

GENERAL FUND: CITY OF MONROE 12/31/2017 Statement of Revenues, Expenditures & Changes in Fund Balance GENERAL FUND: CITY OF MONROE 12/31/2017 Statement of Revenues, Expenditures & Changes in Fund Balance