Junction City $($Problem A$),2023$

During the year ended December $31,2023,$ the following transactions, in summary form, with subsidiary ledger detail omitted, occurred for Junction City:

$1.$ The budget for FY $2023$ provided for General Fund estimated revenues totaling $$500,000$ and appropriations totaling $$440,000.$

The property tax for FY $2023$ was recorded for a $$400,000$ levy. It was estimated that $10$ percent of the levy would be uncollectible and $10$ percent is not available.

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Purchase orders and contracts were issued to vendors and others in the amount of $$60,000.$

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$$300,000$ of current property taxes were collected.

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$5.$ Received invoices of $$40,000$ for purchase orders and contracts encumbered $($in #$3),$ originally estimated as $$30,000.$ In addition, $$340,000$ in unencumbered invoices were received.

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$6.$ Vouchers payable totaling $$100,000$ were paid.

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$7.$ Junction City received notification from the Kentucky Department of Education of an $$80,000$ grant awarded to Junction City to operate an after$-$school program during $2024.$

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$8.$ The General Fund provided the special revenue fund $$50,000$ of unrestricted cash to further support the costs of the after$-$school program.

Junction City $($Problem B$),2024$

Select journal entries for Junction City$$s FY $2024$:

$1.$ The previously levied property taxes that were not available in $2023$ are expected to be collected in $2024$ or shortly after.

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$2.$ Invoices of $$35,000$ were received from all the remaining $2023$ purchase orders.

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$3.$ The Kentucky Department of Education provided the $$80,000$ grant to Junction City to operate the after$-$school program $($notification received in $2023).$ Funds were deposited to the SRF$.$

Junction City paid $$100,000$ for operating costs for the after$-$school program. All costs were disbursed from the special revenue fund. $($Junction City$$s policy is to spend most constrained funds first.$)$

REQUIRED:

$1.2023$ Balance Sheet

$2.2023$ Statement of Revenues, Expenditures, and Changes in Fund Balance.

$3.2024$ Statement of Revenues, Expenditures, and Changes in Fund Balance.