Question: In the space provided below, write or type the appropriate general ledger journal entries for the General Fund for transactions that occurred during the fiscal
In the space provided below, write or type the appropriate general ledger journal entries for the General Fund for transactions that occurred during the fiscal year ending December 31, 2021. Do not worry about entries to subsidiary ledgers or in Governmental Activities. 1. The City Council for Soul City adopted a General Fund budget for the year ending December 31, 2021, providing for estimated revenues of $5,900,000, estimated transfers to another fund of $500,000 that will not be repaid, estimated proceeds from a planned bond issuance of $1,500,000, and approved expenditures of $7,200,000. Record the appropriate journal entry for Soul City's approved budget on January 1, 2021 in the General Fund. 2. During 2021, the Soul City Police Department issued purchase orders for goods in the amount of $3,750. Record the appropriate journal entry in the General Fund when the goods are ordered. 3. All of the goods ordered in transaction 2 above were received in fiscal year 2021 at an actual cost of $3,900 and were paid for in cash at the time received. Record the appropriate journal entry in the General Fund. Soul City recorded $900,000 gross payroll in the General Fund for a two-week pay period in fiscal year 2021. Payroll withholdings were as follows: $236,000 for Federal income tax; $74,500 for the employee's share of FICA tax; and $59,200 for State income tax. Record the appropriate journal entry in the General Fund, assuming the net amount due to employees was paid in cash. 5. The City recorded its liability for the employers' share of FICA tax related to the payroll transaction recorded above. Make the appropriate journal entry to record this liability in the General Fund. 6. The City Council approved budget amendments during fiscal year 2021 to increase approved expenditures by $330,000 for unexpected additional project costs, and to decrease estimated revenues for a new $70,000 grant it found out it will not be receiving in 2021. In addition, the General Eand has now estimated it will need to transfer an additional $80,000 to a new fund near the end of 2021, and this money will not be repaid to the General Fund. Make the appropriate journal entry to record these budget amendments in the General Fund. 7. Based on projected expenditure needs and estimated revenues from other sources, Soul City calculated a gross property tax levy of $10.000,000 for fiscal year 2021. Historical tax collection records indicate that 3% of the tax levy will not be collectible. Based on this information, make the appropriate journal entry to record the property tax levy in the General Fund. 8. By December 31, 2021, property taxes in the amount of $9,100,000 had been collected (related to Transaction 7). Record a journal entry in the General Fund to show the collection of taxes. 9. The remaining property taxes that have not yet been collected in fiscal year 2021 were reclassified as delinquent. Record the reclassification of the property taxes in the General Fund, assuming that Soul City does not expect to receive payment for the delinquent taxes within 60 days of year-end. 10. Assuming the transactions shown above in 1-9 were the only transactions that took place during fiscal year 2021 for Soul City, record the appropriate closing entries for the General Fund on December 31, 2021 to close out the balances of all budgetary and operating accounts at year-end