The City of Castletons General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year:

	Debits				Credits
Cash	$	476,000
Sales Taxes Receivable		29,000
Taxes ReceivableDelinquent		601,000
Allowance for Uncollectible Delinquent Taxes					$	207,000
Interest and Penalties Receivable		28,080
Allowance for Uncollectible Interest and Penalties						12,960
Inventory of Supplies		17,900
Vouchers Payable						166,500
Due to Federal Government						77,490
Deferred Inflows of ResourcesUnavailable Revenues						456,000
Fund BalanceNonspendableInventory of Supplies						17,900
Fund BalanceUnassigned						214,130
	$	1,151,980			$	1,151,980

Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023.

1. The budget for FY 2023 provided for General Fund estimated revenues totaling $3,500,000, appropriations totaling $3,180,000, and an other financing useinterfund transfer out of $262,000.

2. The city council authorized temporary borrowing of $680,000 in the form of a 120-day tax anticipation note obtained from a local bank.

3. The property tax levy for FY 2023 was recorded. Net assessed valuation of taxable property for the year was $50,200,000, and the tax rate was $5 per $100. It was estimated that 3 percent of the levy would be uncollectible.

4. Purchase orders and contracts were issued to vendors and others in the amount of $2,240,000.

5. $2,260,000 of current taxes, $401,270 of delinquent taxes, $22,370 of interest and penalties, and $29,000 of accrued sales taxes were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end.

General Fund:

5a.Record the $2,260,000 of current taxes, $401,270 of delinquent taxes, and $22,370 of interest and penalties collected.

5b.Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end.

Governmental Activities:

5c. Record the $2,260,000 of current taxes, $401,270 of delinquent taxes, and $22,370 of interest and penalties collected.

5d. Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023.

6. Additional interest and penalties on delinquent taxes were accrued in the amount of $40,230, of which 30 percent was estimated to be uncollectible.

7. Because of a change in state law, the city was notified that it will receive $116,000 less in intergovernmental revenues than was budgeted.

8. Delinquent taxes of $14,592 were deemed uncollectible and written off. The associated interest and penalties of $1,132 also were written off.

9. Total payroll during the year was $999,490. Of that amount, $76,460 was withheld for employees FICA tax liability, $121,710 for employees federal income tax liability, and $36,200 for state taxes; the balance was paid to employees in cash.

10. The employers FICA tax liability was recorded for $76,460.

11. Cash collections from sales taxes totaled $843,000 and from revenue sources other than taxes were $128,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $13,800.

12. Amounts due to the federal government as of June 30, 2023, and amounts due for FICA taxes and state and federal withholding taxes during the year were vouchered.

13. Purchase orders and contracts encumbered in the amount of $2,168,040 were filled at a net cost of $2,167,570, which was vouchered.

General Fund:

13a. Record the reversal of encumbrances entry of 2023.

13b. Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023.

Governmental Activities:

13c. Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023.

14. Vouchers payable totaling $2,481,660 were paid after deducting a credit for purchases discount of $9,830 (credit Expenditures).

15. The tax anticipation note of $680,000 was repaid. Interest totaled $11,800.

16. A transfer of $262,000 was made to establish a special revenue fund to account for expenditures related to a federal grant.

17. All unpaid current years property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles were transferred to delinquent accounts. The City uses the 60-day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal year.

General Fund:

17a.Record the reclassification of the unpaid property taxes of current year.

17b. Record the reclassification of the related allowance for estimated uncollectible property taxes of current year.

17c. Record the reclassification of the property tax revenue of current year.

Governmental Activities:

17d. Record the reclassification of the unpaid property taxes of current year.

17e.Record the reclassification of the related allowance for estimated uncollectible property taxes of current year.

17f.Record the reclassification of the property tax revenue of current year.

18.A physical inventory of materials and supplies at June 30, 2023, showed a total of $22,700. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory system is used both in the General Fund and at the government-wide level. When inventory was purchased during the year, Expenditures were debited in the General Fund journal and Inventory of Supplies was debited in the governmental activities journal.)