(Solved by Humans)-Problem 15-6 (LO 4, 7, 9) Journal entries, budgetary comparison schedule. A summary of the...

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Problem 15-6 (LO 4, 7,  9)  Journal  entries,  budgetary  comparison  schedule.  A summary of the general fund transactions for the city of Wautoma for the year ended December 31, 20X9, is as follows: a.    A budget was approved, showing estimated revenues of $900,000, appropriations of $875,000, transfers-in of $27,000 from other funds, and required transfers of $20,000 to other funds. b.    The reserve for encumbrance at the end of 20X8 was $15,000. Amounts encumbered in the prior period are included in appropriations for 20X9. c.    Property taxes for $650,000 were levied. In past years, 1% of the property taxes levied proved uncollectible. d.    Encumbrances for $25,000 had not been liquidated by the end of 20X8. Invoices for all these items were received in 20X9 and totaled $24,000. e.    Collections from property taxes totaled $644,000, of which $20,000 represented collections on delinquent taxes. Delinquent taxes of $8,000 remain uncollected, on which a $3,000 allowance is carried. Remaining taxes receivable—current and taxes receivable—delinquent were converted into taxes receivable—delinquent and tax liens receivable, respectively. f.     Purchase orders totaling $700,000 were issued. Subsequently, invoices were received amounting to $685,000 for items estimated to cost $680,000. Included were supplies for $10,000. g.    An ending inventory of supplies amounted to $2,000, for which the fund balance should be reserved. (There was no beginning inventory balance.) h.    A tract of land was purchased for $250,000. Payment was made from the general fund, in whose appropriations the item had been included. The amount had not been encumbered. The purchase was made with the intent of reselling the land to a suitable developer. i.     Wautoma received $300,000 as its part of federal revenue-sharing programs. Grants-in-aid of $60,000 due from the state government are recorded. None of the grants is expenditure driven. j.     Required transfers of $20,000 are made to other funds. k.    A $50,000 payment is made on a mortgage payable. The payment includes $21,000 of inter- est and a principal payment of $29,000. l.      An offer was received from a land developer who will pay $380,000 for the land acquired by the city in item (h). The sale is approved. The developer remits $100,000 with a note due in 90 days, bearing 8% interest. Any gain is to be considered revenue. m.   Transfers received from other funds amount to $23,000. n.     The developer in item (l) remits payment for the note plus interest. 1.    Prepare journal entries to record the general fund transactions. 2.    Prepare closing entries for the general fund. 3.    Prepare a budgetary comparison schedule. On January 1, 20X9, the unreserved fund balance showed a debit balance (deficit) of $180,000.