The City of Hintons General Fund had the following post-closing trial balance at April 30, 2016, the end of its fiscal year:

	Debits				Credits
Cash	$	115,000
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
Fund Balance NonspendableInventory of Supplies						17,900
Fund BalanceUnassigned						280,130
	$	761,980			$	761,980

Record the effect of the following transactions on the General Fund and governmental activities for the year ended April 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts.

Prepare a General Fund balance sheet as of April 30, 2017.

ezlu.miheducation.com s e e lombuducntion year ended April 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) more Read Apr 30, 2017. (if no antry is required for a france Transaction Fund General Journal Debit Credit 1. The budget for FY 2017 provided for General Fund estimated revenues totaling $3,500,000 and appropriations totaling $3.442,000. 1 General Fund Governmental Activities 2. The city counci authorized temporary borrowing of S680,000 in the form of a 120-day tax anticipation note. The loan was obtained from a local bank at a discount of 6 percent per annum (dabit Expenditures for the discount in the General Fund journal and Expenses-General Goverment in the powermental activities journal 2 General Fund Governmental Activities 3. The property tax levy for FY 2017 was recorded. Net assessed valuation of taxable property for the year was $50,200,000, and the tax rate was $5 per S100. It was estimated that 3 percent of the levy would be uncollectible. General Fund Governmental Activities 4. Purchase orders and contracts were issued to vendors and others in the amount of 52,240.000 General Fund ezlu.miheducation.com 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,240.000. 4 General Fund Governmental Activities 5. The County Board of Review discovered unassessed properties with a total taxable value of $680,000. The owners of these properties were charged with taxes at the city's General Fund rate of $5 per $100 assessed value. You need not adjust the Allowance for Uncollectible Current Taxes account.) General Fund Governmental Aclivities 6. $2,260,000 of current taxes, $401,270 of delinquent taxes, and $22,370 of Interest and penalties were collected. 6 General Fund Governmental Activities 7. 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 General Fund ezinbeducation.com 7. Additional interest and enalties ar delinquent taxes were accrued in the amount of $40.230, of which 30 percent was estimated to be urellectile. General Fund Government Activities 8. 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 General Fund Governmental Activities 9. Total payroll during the year was $999,490. Of that amount $80,690 was withhold for employees' FICA tax liability, $121,710 for employees federal incime tax liability, and $.36.200 for state taxes: the balance was paid in employers in cash. 9 General Funid Governmental Aclivities 10. The employer's FICA lax liability was recorded for 5B0.690. 10 General Fund Governmental Activities ezlu.mheducation.com 10. The employer's FICA tax liability was recorded for $80,690. 10 General Fund Governmental Activities I 11. Revenues from sources other than taxes were collected in the amount of $965.000. 11 General Fund Governmental Activities 12. Amounts due to the federal government as of April 30, 2017, and arounls due for FICA taxes, and slate and federal withholding taxes during the year wire vouchered. 12 General Fund Governmental Activities 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. 13a General Fund Record the encurtirances ciutstanding for 2017. Record the total expenditures against vouchers payable for 2017. ezlu.miheducation.com 13. Purchase orders and intracts encumbered in the unit of $2,186,040 were filled at a net cost of $2,187,570, which was vouchered. 13a General Fund Record the encumbrances outstanding for 2017 Record the total expenditures against vouchers payable for 2017 13.1 Governmental Aclivities Record the lolal expenses against vouchers payable for 2017 14. Vouchers payable totaling $2.481,660 were paid after deducting a credit for purchases discount of $9.830 (credit Expenditures in the General Fund). General Fund Governmental Activities 15. The tax anticipalion note of $680,000 was repic 15 General Fund Governmental Activities 16. All unpaid current year's property taxes became delinquent. The balances of the current tax receivables and related uncollectibles were transferred to delinquent accounts 16a General Fund Rexrd the delinquent cuint of unpaid aperty taxes. ezlu.miheducation.com b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) Transactions Fund General Journal Debit Credit 1. Record the closure of budgetary statements account General Fund 2. Record the closure of operating statements account 2 General Fund c. Prepare a General Fund balance sheet as of April 30, 2017. CITY OF HINTON General Fund Balance Sheet As of April 30, 2017 Assets Cash Taxes Receivable Delinquent Less: Allowance for Uncollectible Taxes-Delinquent Interest and Penalties Receivable Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Tolal Assets Liabilities and Fund Balances Liabilities: atvmeducation.com c. Prepare a General Fund balance sheet as of Apiril 30, 2017. CITY OF HINTON General Fund Balance Sheet As of April 30, 2017 Assets Cash Taxes Receivable: Delinquent Less: Allowance for Uncollectible Taxes-Delinquent Interest and Penalties Receivable Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Tolal Assets Liabilities and Fund Balances Liabilities: Vouchers Payable Fund Balances: Nonspendable-Inventory of Supplies Un assigned Total Fund Balances Total Liabilities and Fund Balances d. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended April 30, 2017. Do not prepare the govemment-wide financial statements. CITY OF HINTON General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended April 30, 2017 Revenues ezlu.miheducation.com s e e lombuducntion year ended April 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) more Read Apr 30, 2017. (if no antry is required for a france Transaction Fund General Journal Debit Credit 1. The budget for FY 2017 provided for General Fund estimated revenues totaling $3,500,000 and appropriations totaling $3.442,000. 1 General Fund Governmental Activities 2. The city counci authorized temporary borrowing of S680,000 in the form of a 120-day tax anticipation note. The loan was obtained from a local bank at a discount of 6 percent per annum (dabit Expenditures for the discount in the General Fund journal and Expenses-General Goverment in the powermental activities journal 2 General Fund Governmental Activities 3. The property tax levy for FY 2017 was recorded. Net assessed valuation of taxable property for the year was $50,200,000, and the tax rate was $5 per S100. It was estimated that 3 percent of the levy would be uncollectible. General Fund Governmental Activities 4. Purchase orders and contracts were issued to vendors and others in the amount of 52,240.000 General Fund ezlu.miheducation.com 4. Purchase orders and contracts were issued to vendors and others in the amount of $2,240.000. 4 General Fund Governmental Activities 5. The County Board of Review discovered unassessed properties with a total taxable value of $680,000. The owners of these properties were charged with taxes at the city's General Fund rate of $5 per $100 assessed value. You need not adjust the Allowance for Uncollectible Current Taxes account.) General Fund Governmental Aclivities 6. $2,260,000 of current taxes, $401,270 of delinquent taxes, and $22,370 of Interest and penalties were collected. 6 General Fund Governmental Activities 7. 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 General Fund ezinbeducation.com 7. Additional interest and enalties ar delinquent taxes were accrued in the amount of $40.230, of which 30 percent was estimated to be urellectile. General Fund Government Activities 8. 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 General Fund Governmental Activities 9. Total payroll during the year was $999,490. Of that amount $80,690 was withhold for employees' FICA tax liability, $121,710 for employees federal incime tax liability, and $.36.200 for state taxes: the balance was paid in employers in cash. 9 General Funid Governmental Aclivities 10. The employer's FICA lax liability was recorded for 5B0.690. 10 General Fund Governmental Activities ezlu.mheducation.com 10. The employer's FICA tax liability was recorded for $80,690. 10 General Fund Governmental Activities I 11. Revenues from sources other than taxes were collected in the amount of $965.000. 11 General Fund Governmental Activities 12. Amounts due to the federal government as of April 30, 2017, and arounls due for FICA taxes, and slate and federal withholding taxes during the year wire vouchered. 12 General Fund Governmental Activities 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. 13a General Fund Record the encurtirances ciutstanding for 2017. Record the total expenditures against vouchers payable for 2017. ezlu.miheducation.com 13. Purchase orders and intracts encumbered in the unit of $2,186,040 were filled at a net cost of $2,187,570, which was vouchered. 13a General Fund Record the encumbrances outstanding for 2017 Record the total expenditures against vouchers payable for 2017 13.1 Governmental Aclivities Record the lolal expenses against vouchers payable for 2017 14. Vouchers payable totaling $2.481,660 were paid after deducting a credit for purchases discount of $9.830 (credit Expenditures in the General Fund). General Fund Governmental Activities 15. The tax anticipalion note of $680,000 was repic 15 General Fund Governmental Activities 16. All unpaid current year's property taxes became delinquent. The balances of the current tax receivables and related uncollectibles were transferred to delinquent accounts 16a General Fund Rexrd the delinquent cuint of unpaid aperty taxes. ezlu.miheducation.com b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) Transactions Fund General Journal Debit Credit 1. Record the closure of budgetary statements account General Fund 2. Record the closure of operating statements account 2 General Fund c. Prepare a General Fund balance sheet as of April 30, 2017. CITY OF HINTON General Fund Balance Sheet As of April 30, 2017 Assets Cash Taxes Receivable Delinquent Less: Allowance for Uncollectible Taxes-Delinquent Interest and Penalties Receivable Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Tolal Assets Liabilities and Fund Balances Liabilities: atvmeducation.com c. Prepare a General Fund balance sheet as of Apiril 30, 2017. CITY OF HINTON General Fund Balance Sheet As of April 30, 2017 Assets Cash Taxes Receivable: Delinquent Less: Allowance for Uncollectible Taxes-Delinquent Interest and Penalties Receivable Less: Allowance for Uncollectible Interest and Penalties Inventory of Supplies Tolal Assets Liabilities and Fund Balances Liabilities: Vouchers Payable Fund Balances: Nonspendable-Inventory of Supplies Un assigned Total Fund Balances Total Liabilities and Fund Balances d. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended April 30, 2017. Do not prepare the govemment-wide financial statements. CITY OF HINTON General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended April 30, 2017 Revenues