(Complete budgetary cycle)

The board of supervisors of Delaware County approved the following budget for FY 2004:

Transactions for FY 2004 were as follows:
. Sent out property tax bills amounting to $66,000 at the beginning of the year.
. Collected property taxes of $66,000 in cash during the year.
. Purchased supplies for $12,000.
. Paid salaries of $80,000.
. Collected traffic fines of $40,000.
. Purchased a membership in the Kenner Country Club for Sheriff Lee in recognition of his services to the county. The cost of the membership was $8,000.
Required: Prepare journal entries to set up the budgetary accounts, to record these transactions, and to close the budgetary and nonbudgetary accounts.
Do not make entries to record encumbrances.

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Estimated Revenues Property taxes Traffic fines $66,000 40,000 $106,000 Appropriations Salaries $80,000 Supplies 12,000 Other 8,000 100,000 Projected Increase in Fund Balance $ 6,000