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question e the city makes the following payments related to itsoutstanding debt expe 4280235


e. The City makes the following payments related to itsoutstanding debt: Expenditures – Debt Principal Payments $1,400Expenditures – Debt Interest Payments 200

f. The City collects accounts receivable ($20,386 relating toproperty taxes and $3,502 relating to intergovernmentalreceivables) and pays outstanding accounts payable in the amount of$22,494 during the year.

g. The City recognizes an increase of $292 in Deferred Revenuesas a year-end adjustment to yield a balance in that account of thetotal property taxes receivable that are not expected to becollected within 60 days

. h. The City makes the required closing entries to close outthe budgetary and operating accounts. In addition, the City closesout the remaining $460 balance of budgetary ENCUMBRANCESoutstanding and formally charges that balance to Fund Balance –unassigned since the outstanding invoices are expected to behonored in the next fiscal year.

Required: Prepare journal entries in the General Fund for eachof the events presented above.

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