Question

***PLEASE ONLY HELP WITH CLOSING ENTRIES. I'LL POST THE REST OF THE INFO IN CASE YOU NEED IT.

Continuous Problem 04-01 The Balance Sheet of the General Fund of the City of Monroe as of December 31, 2019, follow. $503,000 173, see CITY OF MONROE General Fund Balance Sheet As of December 31, 2019 Assets Cash Taxes receivable $210, eee Less: Estimated uncollectible taxes (37,eee) Net Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (958) Net Due from state government Total assets Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable Due to other funds Total liabilities Deferred inflows - Property taxes Fund equity: Fund balance-assigned $ 19,00 (for outstanding encumbrances) Fund balance-unassigned 718,250 Total fund balance Total liabilities, deferred inflows, and fund equity 4,250 204,000 $884,250 $ 99, eee 27, see 126, mee 21,000 737,250 $884,250 3-C. This portion of the continuous problem continues the General Fund example by requiring the recording and posting of the budgetary entries. To reduce clerical effort required for the solution use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. Subsidiary accounts are not required. Budget Information for the City Includes: (1) As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and Interest. Record the budget for the General Fund and post to the ledger. 4-C. Part 1. General Fund Transactions

Answer 1

No Debit Credit 1 9489000 Transactions General Journal cl. 1 Appropriations Control Estimated Other Financing Uses Control Budgetary Fund Balance Estimated Revenues Control 1700000 36000 11153000 2 Cl. 2 11282100 328985 Revenues Control Fund Balance Expenditures Control Other Financing Uses- Control 9291115 1662000 3 Cl.3 58000 Budgetary Fund Balance- Reserve for Encumbrances Encumbrances Control 58000