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On January $1,2024,$ the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $$580,000$ was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after qualified expenditures have been made; the grant could be used over a two$-$year period. The following data pertain to operations of the Summer Employment Grant Fund, a special revenue fund of Carter City, during the year ended December $31,2024$:Exercise $4-7($Algo$)$

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December $31,2024$:

Beginning balances were: Cash, $$96,000$; Taxes Recelvable, $$194,000$; Accounts Payable, $$54,500$; and Fund Balance,

$$235,500.$

The budget was passed. Estimated revenues amounted to $$1,260,000$ and appropriations totaled $$1,256,800.$ All

expenditures are classlfied as General Government.

Property taxes were levied in the amount of $$930,000.$ All of the taxes are expected to be collected before February

Cash recelpts totaled $$900,000$ for property taxes and $$305,000$ from other revenue.

Contracts were issued for contracted services in the amount of $$100,500.$

Contracted services were performed relating to $$90,000$ of the contracts with invoices amounting to $$87,800.$

Other expenditures amounted to $$977,000.$

Accounts payable were pald in the amount of $$1,115,000.$

The books were closed.

Requlred:

a$.$ Prepare journal entries for the above transactions.

b$.$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

c$.$ Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and

outstanding encumbrances are committed by contractual obligation.

Complete this question by entering your answers in the tabs below.

Prepare journal entries for the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

The budget was recorded. It provided for Estimated Revenues for the year in the amount of $$290,000,$ and for Appropriations in the amount of $$290,000.$

A temporary loan of $$290,000$ was received from the General Fund.

During the year, teenagers earned and were paid $$278,200$ under the terms of the Summer Employment program. An additional $$9,000$ is accrued as payable on December $31.$ Recognize the receivable and revenue $($including the $$9,000$ of wages payable$).$

Each month a properly documented request for reimbursement was sent to the federal government; checks for $$283,000$ were received.

$$256,200$ was repaid to the General Fund.

Necessary closing entries were made.

Required:

Prepare journal entries for the year ended December $31$ in the accounts of the Summer Employment Grant Fund.

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