Fort Steven School District began the year with assets of $95,000, no liabilities and a fund balance of

$95,000 in the general fund. During the year that ended on June 30, XXXX, the following transactions were completed:

a. Property taxes were assessed and levied in the amount of $85,000.

b. An amount of $65,000 was borrowed from the Fort Steven National Bank by means of tax anticipation warrants.

c. Cash was received for the entire amount of the property tax levy in transaction (a).

d. Teacher salaries of $40,000 were paid.

e. Supplies and materials in the amount of $35,000 were purchased on account.

f. Tax anticipation warrants of $50,000 were paid (see transaction [b]).

g. A general state aid payment of $90,000 was received.

Instructions:

Record the beginning balances and enter the transactions in T-accounts.

Prepare a trial balance.