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I. Prepare the General Ledger journal entries and the Balance Sheet for the General Fund for Smyth County for the year ended December 31,2014 45 points Smyth Co. has the following beginning account balances in its General Fund as of Jan. 1,2014 Debits Fund Balance Accounts Payable Cash Investments Credits S1,000,000 100,000 1,000,000 100,000 16. The following transactions occurred in the General Fund of Smyth County. Prepare the journal entry(s) as instructed for each. Assume each item is independent of each other. A. The total estimated revenue budget for 2014 is S12,000,000 and the total appropriations for 2042 are S11,500,000. Record the budget (without subsidiary ledger detail) B. On Feb. 1, Smyth County was able to get a Tax Anticipation Note that was secured by the county's power to tax. The county borrowed $400,000 from Wells Fargo bank and planned disbursements for the year to repay the loan as tax collections begin to exceed current C. On May 1, the county paid back the note payable with $15,000 in interest. D. On Feb. 2nd, property taxes of S 8,000,000 were levied for Smyth County. Assume that 3 percent of these taxes are estimated to be uncollectible due to local economic conditions. - Record the entry when the tax is levied. E. On May 10h, Taxes Receivable were received in the amount of S3,500,000 F. On April 5th, purchase orders for equipment and consulting services were issued in G. On April 28th, purchase orders were filled in the amount of $1,105,000. The invoice H. On April 30th, expenditures for wages and monthly bills not encumbered, amounted I. On May 3rd, the amounts from entries g and h less 10% to be paid in June were paid. the amount of $1,300,000 amount was $1,110,000. to $1,040,000. The bills were approved for payment in May by the City Council. J. On Nov 10th, the second half of the Property Taxes Receivable were received in the I. Prepare the General Ledger journal entries and the Balance Sheet for the General Fund for Smyth County for the year ended December 31,2014 45 points Smyth Co. has the following beginning account balances in its General Fund as of Jan. 1,2014 Debits Fund Balance Accounts Payable Cash Investments Credits S1,000,000 100,000 1,000,000 100,000 16. The following transactions occurred in the General Fund of Smyth County. Prepare the journal entry(s) as instructed for each. Assume each item is independent of each other. A. The total estimated revenue budget for 2014 is S12,000,000 and the total appropriations for 2042 are S11,500,000. Record the budget (without subsidiary ledger detail) B. On Feb. 1, Smyth County was able to get a Tax Anticipation Note that was secured by the county's power to tax. The county borrowed $400,000 from Wells Fargo bank and planned disbursements for the year to repay the loan as tax collections begin to exceed current C. On May 1, the county paid back the note payable with $15,000 in interest. D. On Feb. 2nd, property taxes of S 8,000,000 were levied for Smyth County. Assume that 3 percent of these taxes are estimated to be uncollectible due to local economic conditions. - Record the entry when the tax is levied. E. On May 10h, Taxes Receivable were received in the amount of S3,500,000 F. On April 5th, purchase orders for equipment and consulting services were issued in G. On April 28th, purchase orders were filled in the amount of $1,105,000. The invoice H. On April 30th, expenditures for wages and monthly bills not encumbered, amounted I. On May 3rd, the amounts from entries g and h less 10% to be paid in June were paid. the amount of $1,300,000 amount was $1,110,000. to $1,040,000. The bills were approved for payment in May by the City Council. J. On Nov 10th, the second half of the Property Taxes Receivable were received in the

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