The following selected events occurred in the general fund of the Village of Sleepy Hollow during the fiscal year ended June 30, 20X6

1. Had the following resource inflows and outflows in the operating budget:

Estimated Revenues

Property Taxes $800,000

Sales Taxes $100,000

Licenses and Permits $25,000

Estimated Transfer in from special Revenue fund $75,000

Total $1,000,000

Appropriations

General Government $610,000

Public Safety $200,000

Sanitation $150,000

Estimated Transfer out to Internal Service Fund $25,000

Total $985,000

2. Had appropriations including encumbrances related to the year ended June 30, 20X6. The City uses the lapsing method of accounting for encumbrances.

Outstanding encumbrances at June 30, 20X6 $18,000

3. Levied property tax and had estimated uncollectibles

Levied property tax: $816,000

Estimated Uncollectibles: $16,000

4. Collected property taxes. The estimated uncollectibles balance was decreased, and the remaining receivables and allowance were reclassified to delinquent at year-end.

Collected Property Tax: $805,000

Decreased the estimated uncollectibles balance to: $16,000

5. Received transfer in from the special revenue fund. Made transfer out to establish an internal service fund. For both of these transactions, record the interfund receivable/payable before recording the cash transfer.

Transfer in from the special revenue fund $ 70,000

Transfer out to the internal service fund $25,000

6. Purchase orders were issued for in addition to the acceptance of the outstanding purchase orders from 20X6. Actual expenditures included $50,000 for office furniture. The accompanying invoices indicated actual prices that agreed to the purchase orders issues without exception. Vouchers were paid.

Purchase orders issued in addition to the acceptance of the

outstanding purchase orders from 20X6 $120,000

Actual Expenditures $150,000

Vouchers paid $180,000

Requirements:

A. Prepare journal entries for the general fund to record these transactions for the fiscal year ending June 30, 20X6

B. Prepare the entry to close the basic budget journal entry.