Question: Jefferson County’s General Fund began the year 2017with the following account balances: Deb... (4 bookmarks) JeffersonCounty’s General Fund began the year 2017 with the followingaccount balances: Debits Credits Cash $132,348 Taxes Receivable47,220 Allowance for Uncollectible Taxes $ 1,570 Supplies 660Deferred Inflows—Property Taxes 21,000 Wages Payable 900 FundBalance 156,758 Totals $180,228 $180,228 During 2017, Jeffersonexperienced the following transactions: The budget was passed bythe County Commission, providing estimated revenues of $285,000 andappropriations of $235,000 and estimated other financing uses of$40,000. Encumbrances totaling $4,800 outstanding at December 31,2016, were re-established. The Deferred Inflows—Property Taxes atDecember 31, 2016, is recognized as revenue in the current period.Property taxes in the amount of $290,000 were levied by the County.It is estimated 0.5 percent (1/2 of 1 percent) will beuncollectible. Property tax collections totaled $263,400. Accountstotaling $1,020 were written off as uncollectible. Encumbranceswere issued for supplies in the amount of $37,100. Supplies in theamount of $40,500 were received. Jefferson County records suppliesas an asset when acquired. The related encumbrances for these itemstotaled $41,000 and included the $4,800 encumbered last year. TheCounty paid $37,800 on accounts payable during the year. The Countycontracted to have alarm systems (capital assets) installed in theadministration building at a cost of $46,000. The systems wereinstalled and the amount was paid.page 115 Paid wages totaling$135,900, including the amount payable at the end of 2016. (Thesewere for general government operations.) Paid other generalgovernment operating items of $7,600. The General Fund transferred$43,000 to the debt service fund in anticipation of bond interestand principal payments. Additional Information Wages earned butunpaid at the end of the year amounted to $1,050. Supplies of $350were on hand at the end of the year. (Supplies are used for generalgovernment operations.) A review of property taxes receivableindicates that $22,000 of the outstanding balances would likely becollected more than 60 days after year-end and should be deferred.Required: Use the Excel template provided on the textbook websiteto complete the following requirements. A separate tab is providedin Excel for the following items: Prepare journal entries to recordthe information described in items 1 to 14. Classify expendituresin the General Fund as either General Government or Capital Outlay.Make entries directly to these and the individual revenue accounts;do not use subsidiary ledgers. Post these entries to T-accounts.Prepare closing journal entries; post to the T-account provided.Classify fund balances assuming there are no restricted orcommitted net resources and the only assigned net resources are theoutstanding encumbrances. Prepare a Statement of Revenues,Expenditures, and Changes in Fund Balance for the General Fund forthe year ending 2017. Use Excel formulas to calculate the cellsshaded in blue. Prepare a Balance Sheet for the General Fund as ofDecember 31, 2017.