The City of Watertown is beginning its first year of operations. The citys first fiscal budget has been approved, and the following data pertaining to the General Fund are available:

1. Estimated revenues for the year are $600,000. Appropriations are $590,000.

2. Property taxes of $400,000 are levied. It is estimated that 3 percent ($12,000)

will not be collected.

3. Other revenues of $10,000 meet the criteria for accrual. Estimated uncollectible revenues amount to $400.

4. An order was placed for supplies for the police department in the amount of $3,000. When the supplies were received, the invoice amounted to $3,050 which included freight charges.

5. Payroll costs of $40,000 were vouchered.

6. Cash collections amounted to $350,000 for property taxes levied and $5,000 of previously accrued revenues for a total of $355,000.

7. Uncollected property taxes are now delinquent.

8. Self-assessed taxes, license fees, and fines were collected, amounting to $205,000.

9. The bill for the supplies order in (4) above, was paid.

10. Miscellaneous supplies were ordered from various vendors. The total amount of the orders amounts to $30,000.

11. Invoices were received for the items ordered in 10 above, amounting to $20,000. There were no differences between the respective purchase orders and the invoices.

12. Taxes were collected in advance in the amount of $800.

13. Delinquent taxes of $8,000 are uncollectible and are to be written off.

14. Delinquent taxes of $12,000 and $800 of interest and penalties were collected. The interest has not yet been accrued.

15. Interest and penalties on delinquent taxes amount to $4,000. This is in addition to the amount in 14 above. Uncollectible interest is estimated at $300.

16. Other expenditures during the year amount to $420,000. For purposes of this discussion, these expenditures are paid without vouchering them.

17. The Internal Service Fund furnished the fire department with $2,000 of operating supplies.

18. Interest and principal paid to the Debt Service Fund amounted to $99,000.

19. The entry to close the budget is made.

20. All other closing entries are made.

21. The non-lapsing encumbrances are reversed.

22. An appropriate amount of Fund Balance is reserved for the non-lapsing encumbrances.

23. Inventory of supplies at year end is $3,200, which is considered material. Accordingly, an asset is established, and a portion of Fund Balance is set aside as unspendable.

Post the transactions to your T-Accounts.

2. Prepare a trial balance in an Excel worksheet.

3. Prepare a balance sheet for the General Fund in an Excel worksheet.

4. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund in an Excel worksheet.