The General Fund trial balance of the City of Cordes as of January 1, 2012, was as follows:The following data pertain to General Fund operations for the City of Cordes for the fiscal year ended December 31, 2012:1. Budget adopted: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 ….. $152,000General Government .. 80,000Culture and Recreation . 54,000 $286,0005. Cash collections and transfers:Delinquent Taxes …. $ 39,200Current Taxes ……. 368,000Fines, Forfeits, and Penalties . 154,000Miscellaneous Revenues …. 20,000Transfers In ……… 18,000 $599,2006. Purchase orders issued in 2012 were filled in the following amounts:7. Purchase orders issued in 2011 in the following amounts were filled in 2012:Estimated ActualPublic Safety $8,500 $8,4008. Additional accounts payable for salaries and wages (not encumbered):Public Safety …….. $230,000General Government …… 37,000 $267,0009. Accounts paid amounted to $570,000; the transfer out, $30,000, was made in cash.10. Reclassify Taxes Receivable—Current and Estimated Uncollectible Taxes—Current as 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 outstandingencumbrances.
The General Fund trial balance of the City of Cordes