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Exercise 4-27 (Static) Operating Transactions and Financial Statements [LO 4-1, 4-2, 4-3) The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year Credit Debits $265, 120 11,000 183,000 $ 21,960 6,280 Cash Sales Taxes Receivable Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes Interest and Penalties Receivable Allowance for Uncollectible Interest and Penalties Inventory of Supplies Vouchers Payable Due to Federal Government Deferred Inflows of Resources-Unavailable Revenues Fund Balancelonapendable Inventory of Supplies Fund Balance-Unassigned 1,160 6.100 48,500 25.990 166,160 6, 100 190.130 5473,500 $471.500 a Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023 6. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only c Prepare a General Fund balance sheet as of June 30, 2023 d. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2023 Complete this question by entering your answers in the tabs below. Required A Required e Required cRequired Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023. Avoid use of functional details for expenses and itemization of revenue accounts. So, use of account names "Expenses" and "Revenues" will suffice wherever required. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Show less Fund / Governmental Transaction General Journal Activities Debit Credit 1 The budget for FY 2023 provided for General Fund estimated revenues totaling $3.140,000, appropriations totaling $3,000,000, and an other financing use-interfund transfer out of $100.000 1 General Fund Estimated Revenues 3.140,000 Appropriations 3,100,000 Budgetary Fund Balance 40,000 2 The city council authorized temporary borowing of $500.000 in the form of a 120-day tax anticipation note obtained from a local bank General Fund and Governmental Activities y for FY 2023 was recorded. Net assessed Valuation of taxable property for the year was $43.000.000, and the tax rate was 55 per 3. The property tax levy for FY 2023 was recorded. Net assessed valuation of taxable property for the year was 543,000,000, 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 $2,060,000 4 General Fund Governmental Activities TL061 of current taxes, $103,270 of delinquent taxes, $3,570 of interest and penalties, and $11,000 of accrued sales taxes were collected. The hon days after the orig Year end 5. $1,961,000 of current taxes, 5103,270 of delinquent taxes, $3.570 of interest and penalties, and $11,000 of accrued sales taxes were collected. The delinquent taxes and associated interest and penalties were collected more than 60 days after the prior year-end Record the $1,961,000 of current taxes, 5103 270 of delinquent taxes, and $3,570 of interest and penalties collected 5a General Fund 5b Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end 5c Governmental Activities Record the $1,961,000 of current taxes, 5103.270 of delinquent taxes, and $3.670 of interest and penalties collected Record the delinquent taxes and associated interest and penalties cofacted more than 60 days after the prior 5d year-end alties on delinquent taxes were accrued in the amount of $3,430, of which 30 percent was estimated to be uncollectible 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $3,430, of which 30 percent was estimated to be uncollectible 6 General Fund Governmental Activities 7. Because of a change in state law, the city was notified that it will receive $80,000 less in intergovernmental revenues that was budgeted 7 General Fund Governmental Activities B Delinquent taxes of $12.792 were deemed uncollectible and written off. The associated interest and penalties of $952 also were written off 8. Delinquent taxes of $12.792 were deemed uncollectible and written off. The associated interest and penalties of 5952 also were written of 8 General Fund Governmental Activities 9. Total payroll during the year was $819.490 Of that amount. $62,690 was withheld for employees' FICA tax labelity, 3103,710 for employees federal income tax liability, and $34 400 for state taxes, the balance was paid to employees in cash 9 General Fund Governmental Activities 10. The employer's FICA tax liability was recorded for $62,690 10. The employer's FICA tax liability was recorded for $62,690. 10 General Fund Governmental Activities 11. Cash collections from sales taxes totaled $825,000 and from revenue sources other than taxes were $110.000. In addition, sales taxes receivable due July 1 were accrued in the amount of $12.000 11 General Fund Governmental Activities 12 Amounts due to the federal government as of June 30, 2023, and amounts due for FICA taxes and state and federal withholding taxes dring the year 12. Amounts due to the federal government as of June 30, 2023, and amounts due for FICA taxes and state and federal withholding taxes during the yem were vouchered 12 General Fund Governmental Activities 13. Purchase orders and contracts encumbered in the amount of $1,988,040 were filled at a net cost of $1.887 570 which was vouchered 13a General Fund Record the reversal of encumbrances entry of 2023 13b Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023 13c Governmental Activities Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023 maid after deducting a credit for purchases discount of $8.030 (credit Expenditures) 14. Vouchers payable totaling $2,101,660 were paid after deducting a credit for purchases discount of $8,030 (credit Expenditures) 14 General Fund Governmental Activities 15. The tax anticipation note of $500,000 was repaid. Interest totaled $10,000 15 General Fund Governmental Activities of 100 000 was made to establish a special revenue fund to account for expenditures related to a federal grant 16. A transfer of $100,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. 16 General Fund Governmental Activities 17. All unpaid current year's property taxes became delinquent. The balances of the current taxes receivable and related uncollectibles were transferred to delinquent accounts. The City uses the 60 day rule for all revenues and does not expect to collect any delinquent property taxes or interest and penalties in the first 60 days of the next fiscal year 17a General Fund Record the reclassification of the unpaid property taxes of current year Record the reclassification of the related allowance for estimated uncollectible property taxes of current year, 17b Record the reclassification of the property tax revenue of current year 17c mempental Activities Record the reclassification of the unpaid property taxes of current year 170 Governmental Activities Record the reclassification of the unpaid property taxes of current year. 17e Record the reclassification of the related allowance for estimated uncollectible property taxes of current year 171 Record the reclassification of the property tax revenue of current car 18. A physical inventory of materials and supplies at June 30, 2023, showed a total of 59,100 Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note. A periodic inventory system is used both in the General Fund and at the government-wide level. When inventory was purchased during the year, Expenditures were debited in the General Fund journal and Inventory of Supplies was debited in the governmental activities journal) 18 General Fund Governmental Activities Required B > Re General Journal Debit Credit Transactions Fund 1. Record the closure of budgetary statements account 1 General Fund 2. Record the closure of operating statements account 2 General Fund Required > 5 Required A