Question

The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year Credits Debits $276,120 183,000 $ 21,960 6,280 1,160 Cash 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 Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned 6,100 48,500 29,490 166,160 6,100 198, 130 $471, 500 $471,500 a. Record the effect of the following transactions on the General Fund and governmental activities for the year ended June 30, 2020. b. Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. Do not close the governmental activities accounts. c. Prepare a General Fund balance sheet as of June 30, 2020. d. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2020. Do not prepare the government-wide financial statements. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D

Only Parts B,C,D. Please DO NOT do part A

Answer 1

Answer-

Page No - 6 Allowance for uncollechible current Taxes s64,500 ALLowance for uncollectible Delinquent taxes $ 64,500 $ 126,901 $ 126,901 General Fund Revenues Deferred Inflows of Resources Unavalible Revenues General Fund : П A Inventory of Supplies Fund Balance -nonspendable Inventory of supplies s 3000 s 3,000 Governmental Activities No entry b. Closing Entries, June 30, 2020 General Fund: Appropriations Estimated Revenuel Budgetary Fund Balance Revenues Expenditures Fund Balance - unassigned $ 3.100,000 30 60000 $ 40,000 $ 3,014840 $2871,720 $ 143,120 - 2020

Page No 6 General Fund Balance Sheet Cash $ 468 540 Taxes Receivable Delinquent $ 255,938 dels: Allowance for cincollectible Taxes Delinquent 73668 $ 182,270 interest and penalties Receivable Less: Ahowance for uncollectible Interest and penalties $ 1,937 $ 3.951 Inventory of supplies ई १,100 Total Assets $ 663961 $ 127,390 § 186221 $ 313,611 Liabilities: Vouchers payable Deferred inflows of Resources Unavailable Revenues Total Ciabilities and Deferred into of Resources Fund Balances Nonspendable - Inventory of Supplies $ unassigned total Fund Balances Total and Fund Balances Liability 9,100 341250 $ 350,350 $ 663,961

page . NO ( Statement of revenues, expand changesin Fund Balt mance Revenues Taxes 2,064270 interest and penalties on taxes s 35700 Other sources 947000 total Revenuel $ 3,014, SHO Expenditives salaries And wages $ 882,180 Interest on note payable $ 10,000 other $ 1,979540 Total expenditure $ 2871,420 Excess of Revenues oren Expenditu $ 143,120 Increase in inventory of supplies & 3,000 Fund Balances, Julyl, 2019 $ 204,230 Fund Balances, June 30, 2020 350,350