(Journal entries for several funds)

1. The city council of Bellview approved its General Fund budget for the year July 1, 2003-June 30, 2004. The budget contained the following: revenues, $\$ 3,500,000$; transfers from other funds, $\$ 200,000$; transfers to other funds, $\$ 500,000$; and expenditures, $\$ 4,000,000$. The city had a fund balance of $\$ 2,300,000$ at the beginning of the year.

2. During the year, interest of $\$ 400,000$ and principal of $\$ 2,000,000$ were paid from resources accumulated for that purpose.

3. T. J. Construction submitted a progress billing for work done on a new city hall. The bill was for $\$ 800,000$. This billing was for work done to the end of the year. Bonds were used to finance this project. The contract contained a 10 percent retainage clause.

4. The Airport Fund submitted a bill to the city and to Mid-West Airlines for $\$ 200,000$ each. The bill was for landing fees for aircraft owned by the two entities.

5. The city sold surplus equipment. The equipment originally cost $\$ 45,000$. Only $\$ 500$ was received from the sale. There are no restrictions placed on the use of the $\$ 500$.

6. The Airport Fund paid the bill received from T. J., less the 10 percent retainage.

7. Bellview paid the bill received from the Airport Fund.

8. Books R Us won a suit against the city. Bellview attempted to revoke the store's license so that it could sell the land used by Books to a local theater group. The court gave Books an award of $\$ 400,000$. This amount will be paid from general tax revenues. An encumbrance was not set up.

9. A bridge over the East River was completed at a total cost of $\$ 5,000,000$. In previous years, costs of $\$ 4,500,000$ were recorded. The bridge was paid for from bond proceeds. After paying all bills, including the retainage percentage, $\$ 200,000$ remained in the construction fund. The bond indenture requires that this amount be transferred into the fund that will service the bonds.

10. The Electric Utility Fund paid $\$ 1,200,000$ to contractors for various construction jobs currently in process. This amount was not previously recorded. Assume encumbrance accounting is not used.

Required: Prepare the journal entries to record this information. Identify each fund used.