(GL and SL Entries) Prepare in proper form the journal entries (budgetary and actual) to record the following transactions and events in the General Ledger, Revenues Ledger, and Expenditures Ledger of a Special Revenue Fund of a local independent school district. Identify whether each General Ledger entry is budgetary or actual in nature.

1. The annual operating budget (GAAP basis) provides for

7. Interfund transfers were ordered (not yet paid) as follows:

(a) $25,000 to the Debt Service Fund to be used to pay general long-term debt principal and interest, and

(b) $40,000 from an Internal Service Fund that is being discontinued.
8. It was discovered that $1,500 charged to Instruction (in transaction 6) should be charged to Transportation, which is financed through the General Fund.

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Estimated Revenues: State appropriation Property taxes Other. Appropriations: Administration Instruction. Other. Administration Instruction Other.. 2. Purchase orders and contracts for goods and services were approved at estimated costs of $15,000 60,000 20,000 $95,000 **** $500,000 300,000 100,000 $900,000 Administration Instruction Other $100,000 750,000 40,000 $890,000 3. Property taxes were levied, $320,000, of which $15,000 are estimated to be uncollectible. 4. Most of the goods and services ordered in transaction 2 arrived and the invoices were approved and vouchered for payment: 5. Cash receipts and year-end revenue accruals were Encumbered For $ 15,000 40,000 20,000 $ 75,000 Actual Cost $14,800 40,000 20,300 $75,100