For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The year is January 1–December 31, 2012.
a. The budget was formally adopted, providing for estimated revenues of $1,000,000 and appropriations of $980,000.
b. Revenues were received, all in cash, in the amount of $1,010,000.
c. Purchase orders were issued in the amount of $500,000.
d. Of the $500,000 in (c), purchase orders were filled in the amount of $490,000; the invoice amount was $480,000 (not yet paid).
e. Expenditures, not encumbered, amounted to $460,000 (not yet paid).
f. Amounts from (d) and ( e ) are paid in cash.