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<p><span style="font-family:'Times New Roman', serif;font-size:12pt;">The trial balance for the General Fund of the City of Bigfork as of December 31, 2014 is presented below:</span><span style="font-family:'Times New Roman', serif;font-size:12pt;">   </span><span style="font-family:'Times New Roman', serif;font-size:12pt;">                                   </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">CITY OF BIGFORK</span></p> <p style="text-align:center;"><span style="font-size:12pt;font-family:'Times New Roman', serif;">The General Fund</span></p> <p style="text-align:center;"><span style="font-size:12pt;font-family:'Times New Roman', serif;">Adjusted Trial Balance</span></p> <p style="text-align:center;"><span style="font-size:12pt;font-family:'Times New Roman', serif;">December 31, 2014</span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">            </span></p> <p><strong><span style="font-size:12pt;font-family:'Times New Roman', serif;">Transactions for the year ended December 31, 2015 are summarized as follows:</span></strong></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">1.   The City Council adopted a budget for the year with estimated revenue of $600,000 and appropriations of $500,000. <span>(Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">2.   Property taxes in the amount of $450,000 were levied for the current year.  It is estimated that $59,000 of the taxes levied will prove to be uncollectible. <span>(Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">3.   Proceeds from the sale of equipment in the amount of $10,000 were received by the General Fund.  The equipment was purchased four years ago with resources of the General Fund at a cost of $200,000.  On the date it was purchased, it was estimated that the equipment had a useful life of six years. <span>(Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">4.   Licenses and fees in the amount of $50,000 were collected. <span>(Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">5.   The total amount of encumbrances against fund resources for the year was $475,000. <span>(Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">6.   Vouchers in the amount of $425,000 were authorized for payment. This was $20,000 less than the amount originally encumbered for these purchases. <span>(Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">7.   An invoice in the amount of $26,000 was received for goods ordered in 2014.  The invoice was approved for payment.<span> (Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">8.   Property taxes in the amount of $390,000 were collected.<span> (Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">9.   Vouchers in the amount of $350,000 were paid.<span> (Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">10. Twenty-five thousand dollars was transferred to the General Fund from the H2O Fund. <span>(Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">     </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">11. The City Council authorized the write-off of $10,000 in uncollected property taxes.<span> (Journal entry completed by instructor)</span></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">          </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p> <p><strong><span style="font-size:12pt;font-family:'Times New Roman', serif;">Required</span></strong><span style="font-size:12pt;font-family:'Times New Roman', serif;">:</span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">1st - Prepare the Year Ended 12/31/2015 <strong><em><u>Income Statement</u></em></strong>; </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p> <p><em><span style="font-size:12pt;font-family:'Times New Roman', serif;">2nd – Year-End<strong> <u>closing entries;</u></strong></span></em></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p> <p><em><span style="font-size:12pt;font-family:'Times New Roman', serif;">3rd -<strong> <u>Statement of Fund Balance</u></strong></span></em></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">4th - The 12/31/2015 --- <strong><em><u>Balance Sheet</u></em></strong></span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p> <p><span style="font-size:12pt;font-family:'Times New Roman', serif;">                  <u>Journal Entries provided below:</u>                                                   </span></p> <p style="text-align:center;"> </p> <p style="text-align:center;"><span style="font-size:12pt;font-family:'Times New Roman', serif;"> </span></p>

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