Reference no: EM133475221

Project: Governmental Funds The General Fund trial balance of the City of Cordes as January 1, 2012, was as follows:

Debits Credits Cash $ 20,000 Tax- Receivable-Delinquent 77,200 Estimated Uncollectible Taxes-Delinquent $ 9,200 Account Payable 16,000 Budgetary Fund Balance-Reserve for Encumbrances 8,500 Fund Balance 63,500 $ 97,200 $ 97,200 The following data pertain to General Fund operations for the City of Cordes for the fiscal year ended December 31, 2012: 1. Budget adopted: Revenues: Property Taxes $ 420,800 Fines, Forfeits, and Penalties 160,000 Miscellaneous Revenues 20,000 $ 600,800 Expenditures and Other Financing Uses: Public Safety $ 390,000 General Government 120,000 Culture Recreation 54,000 Transfer Out 30,000 $ 594,000 2. Encumbrances outstanding at the end of 2011 were re-established. 3. Property taxes of $430,000 were levied. Two percent of the tax levy is expected to be uncollectible. 4. Purchase orders issued in 2012: Public Safety $ 152,000 General Government 80,000 Culture and Recreation 54,000 $ 286,000 5. Cash collections and transfers: Delinquent Taxes $ 39,200 Current Taxes 368,000 Fines, Forfeits, and Penalties 154,000 Miscellaneous Revenues 20,000 Transfers In 18,000 $ 599,200 6. Purchase orders issued in 2012 were filled in the following amounts: Estimated Actual Public Safety $ 149,000 $ 148,400 General Government 80,000 80,000 Culture Recreation 54,000 54,000 $ 283,000 $ 282,400 7. Purchase orders issued in 2011 in the following amounts were filled in 2012: Estimated Actual Public Safety $ 8,500 $ 8,400 8. Additional accounts payable for salaries and wages (not encumbered): Public Safety $ 230,000 General Government 37,000 $ 267,000 9. Accounts paid amounted to $570,000; the transfer out $30,000 was made in cash. 10. Reclassify "Taxes Receivable-Current" as "Taxes Receivable- Delinquent", and reclassify "Estimated Uncollectible Taxes- Current" as "Estimated Uncollectible Taxes- Delinquent".

Required: a. Prepare journal entries to record the effects of the foregoing data. Omit explanations and subsidiary accounts.

b. Prepare closing entries.

c. Prepare for the General Fund of the City of Cordes: (1) A statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended December 31, 2012. (2) A Balance Sheet as of December 31, 2012, assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances