(Journal entries for several funds)

Prepare journal entries for each of the following transactions. In addition, identify the fund in which each entry would be recorded.

1. The General Fund made its annual contribution of $\$ 1,500,000$ to the fund that will pay $\$ 1$ million principal and $\$ 500,000$ interest on outstanding general obligation debt.

2. The city paid $\$ 1$ million of principal and $\$ 500,000$ of interest on outstanding general obligation bonds from resources previously accumulated.

3. A Debt Service Fund previously paid the total principal and interest on an outstanding bond issue. Currently the fund carries a balance of $\$ 300,000$. These resources can be spent by the General Fund in any way the city manager feels is appropriate.

4. The police chief paid $\$ 300,000$ for equipment. This equipment was ordered 3 months prior to delivery at an estimated cost of $\$ 295,000$ (assume a voucher system is used and the excess expenditure is approved).

5. The fiscal agent for the city was paid its annual $\$ 10,000$ fee from resources accumulated in the only Debt Service Fund used by the city.