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Check my work 19 The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year, Debita Credits Cash $469,000 saladecavable 35.000 Taxes Receivable Delinquent 597,000 Alle for collet delinquent Tax #203,000 Interest and Penalties Receivable 27,680 Allowance for collectible Interest and Penalties 12,560 Tavventory of fupplies Vouchers Payable 17.500 162,500 Due to Tederal Government 73,490 Deferred to love of our vailable Revenge 456.000 Tund Balance Bonapendable-nventory of Supplies 17.500 Tundame-Onassinad 210130 61,135,180 01.135.100 ference a. Record the effect of the following transactions on the General Fund and governmental activities for the year onded June 30, 2023 b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only Complete this question by entering your answers in the tabs below. Required ured 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 tection of revenue accounts. So, use of account names Expenses and revenues will suffice wherever required. (If no istinn minn

Check my work 19 Trans und Governmental Activities General Journal Debit C 1. The budget for FY 2023 provided for General Fund estimated revenues totaling $3.420.000, appropriations totaling $3.140,000, and another facing une interfundrar out of 5226,000 1 General Fund 1 65 points Mences 2. The city council authorend temporary borrowing of 5480.000 in the form of a 120-day tax anticipation not obtained from a local bank GFund and Government Activities 3. The property tax levy for FY2023 was recorded. Natased valuation of table property for the year was 548,200,000, and the tax rate was per $100 t wantimated that percent of the Nivy would be uncollectible General Fund Governali

4. Purchase orders and contracts were issued to vendors and others in the amount of $2,200,000 4 General Fund Governmental Activities 5. $2,190,000 of current taxes, $397,270 of delinquent taxes, $21,970 of interest and penalties, and $25,000 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 $2,190,000 of current taxes, $397.270 of delinquent taxes, and $21.970 of interest and penalties collected ба General Fund 5b Record the delinquent taxes and associated intorest and penalties collected more than 60 days after the prior year-end < Prev 19 of 19 Next

5c Governmental Activities Record the $2,190,000 of current taxes, $307,270 of delinquent taxes, and $21,970 of interest and penalties collected 5d Record the delinquent taxes and associated interest and penalties collected more than 60 days after the prior year-end. 6. Additional interest and penalties on delinquent taxes were accrued in the amount of $39.840, of which 25 percent was estimated to be uncollectible 6 General Fund Governmental Activities 7. Because of a change in stato low, the city was notified that it will receive $100.000 less in intergovernmental revenues than was budgeted.

7. Because of a change in state law, the city was notified that it will receive $108,000 less in intergovernmental revenues than was budgeted. 7 General Fund Governmental Activities B. Delinquent taxes of $14.192 wore deemed uncollectible and written off. The associated interest and penalties of $1,092 also were written off 8 General Fund Governmental Activities

9. Total payroll during the year was $959,490. Of that amount $73,400 was withheld for employees' FICA tax liability, $117,710 for employees' federal income tax liability, and $35,800 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 $73,400 10 General Fund Governmental Activities 11. Cash collections from sales taxes totaled $839,000 and from revenue sources other than taxes were $124,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $13,400. 11 General Fund

11. Cash collections from sales taxes totaled $839,000 and from revenue sources other than faxos were $ 124,000. In addition, sales taxes receivable due July 1 were accrued in the amount of $13.400 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 during the yoar were vouchered 12 General Fund Governmental Activities 13. Purchase orders and contracts encumbered in the amount of $2,128,040 were filed at a net cost of $2,122,570, which was vouchered. 130 General Fund Record the reversal of encumbrancos entry of 2023

13. Purchase orders and contracts encumbered in the amount of $2,128,040 wore filled to not cost of $2,127,570, which was vouchered 130 General Fund Record the reversal of encumbrancos entry of 2023 + 13b Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023, cos 130 Governmental Activities Record the receipt of vouchers for the purchase orders and contracts encumbered for 2023 14 Vouchers payable totaling $2,441,660 wore paid altor deducting a credit for purchases discount of $9,430 (credit Expenditures) 14 General Fund Governmental Activities

15. The tax anticipation note of $480,000 was ropaid. Interest totaled $11,400. 15 General Fund Governmental Activities 16. A transfer of $226,000 was made to establish a special revenue fund to account for expenditures related to a federal grant. General Fund 16 Governmental Activities 17. All unpaid current year's property taxes becamo 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. 175 Record the reclassification of the related allowance for estimated uncollectible property taxes of current voar

in the first 60 days of the next fiscal year. 178 General Fund Record the reclassification of the unpaid property taxes of current year 17b Record the reclassification of the related allowance for estimated uncollectible property taxes of current year. 170 Record the reclassification of the property tax revenue of current your. 170 Governmental Activities Record tho reclassification of the unpaid property taxes of current year. 170 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 year

18. A physical inventory of materials and supplies at June 30, 2023, showed a total of $21,900. 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 CRAS Required 8 >