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QUESTION 01: The General Fund trial balance of Deira City as of January 1, 2019, was as follows: Debits Credits Cash $20,000 Accounts Payable $16,000 Taxes Receivable 77,200 Estimated Uncollectible Taxes 11,200 Fund Balance 70,000 Total 97,200 Total 97,200 The following data pertain to General Fund operations for Deira City for the fiscal year ended December 31, 2019: On January 1, 2019, the budgeted revenues are: $580,000 property taxes, and $20,000 other revenues. The budgeted expenditure are: $390,000 public safety, $160,000 general government, and $30,000 as transfer out. 2. Encumbrances of $10,000 outstanding at the end of 2018 were re-established. 3. Property taxes of $450,000 were levied. 2% of the tax levy is expected to be uncollectible. 4. Purchase orders of $300,000 issued in 2019. 5. Cash collections during the year: $480,000 of the taxes receivables, S150,000 operating revenues, and $20,000 other sources of revenues. 6. Orders received during the year are $295,000 and $290,000 has been consumed. 7. Additional account payable of $200,000 is recognized for salary expenditure. 8. Cash of $470.000 paid for payables, and $30,000 for transfer out. Required: 1) Prepare journal entries for the above transactions. 2) The General Fund Statement of Revenues, Expenditure and Changes in Fund Balance for the year ended December 31, 2019. 3) The General Fund Statement of Net Assets (Position) as at the end of 2019

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