The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year:

	Debits				Credits
Cash	$	265,120
Sales Taxes Receivable		11,000
Taxes Receivable—Delinquent		183,000
Allowance for Uncollectible Delinquent Taxes					$	21,960
Interest and Penalties Receivable		6,280
Allowance for Uncollectible Interest and Penalties						1,160
Inventory of Supplies		6,100
Vouchers Payable						48,500
Due to Federal Government						29,490
Deferred Inflows of Resources—Unavailable Revenues						166,160
Fund Balance—Nonspendable—Inventory of Supplies						6,100
Fund Balance—Unassigned						198,130
	$	471,500			$	471,500

1. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2023.
2. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only.
3. Prepare a General Fund balance sheet as of June 30, 2023.
4. Prepare a General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2023. 
5.            

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Transaction Fund / Governmental Activities General Journal 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 3,140,000 Estimated Revenues Appropriations Budgetary Fund Balance 2. The city council authorized temporary borrowing of $500,000 in the form of a 120-day tax anticipation note obtained from a local bank. General Fund and Governmental Activities Cash Tax Anticipation Notes Payable Allowance for Uncollectible Current Taxes Revenues Governmental Activities Taxes Receivable-Current 500,000 3. The property tax levy for FY 2023 was recorded. Net assessed valuation of taxable property for the year was $43,000,000, and the tax rate was $5 per $100. It was estimated that 3 percent of the levy would be uncollectible. 3 General Fund Taxes Receivable-Current Allowance for Uncollectible Current Taxes Revenues 2,150,000 3,100,000 40,000 2,150,000 500,000 64,500 2,085,500 64,500 2,085,500 Transaction Fund / Governmental Activities General Journal 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 3,140,000 Estimated Revenues Appropriations Budgetary Fund Balance 2. The city council authorized temporary borrowing of $500,000 in the form of a 120-day tax anticipation note obtained from a local bank. General Fund and Governmental Activities Cash Tax Anticipation Notes Payable Allowance for Uncollectible Current Taxes Revenues Governmental Activities Taxes Receivable-Current 500,000 3. The property tax levy for FY 2023 was recorded. Net assessed valuation of taxable property for the year was $43,000,000, and the tax rate was $5 per $100. It was estimated that 3 percent of the levy would be uncollectible. 3 General Fund Taxes Receivable-Current Allowance for Uncollectible Current Taxes Revenues 2,150,000 3,100,000 40,000 2,150,000 500,000 64,500 2,085,500 64,500 2,085,500