Fort Steven School District created a special revenue fund in order to account for revenues and expenditures associated with a vocational education project. The following transactions occurred:

b. This school year encumbrances were closed into the special revenue fund’s equity, leaving a reserve for encumbrances in the amount of $10,000. Commitments had been issued for supplies and materials.

c. The Fort Steven School District used an agency fund for collection of all taxes and an agency fund for central payroll.

d. Employee contracts in the amount of $1,100,000 were signed with a corresponding estimate of employee benefits amounting to $200,000.

e. The department of education formally approved the project in the amount of $1,200,000.

f. Student registration and cash tuition for the project realized $140,000.
g. First-quarter income tax distribution to the district produced $150,000.
h. Payroll vouchers received from the central payroll fund billed the special revenue fund for $180,000 salaries and $21,000 employee benefits. A check in the amount of $201,000 was issued to the central payroll fund.
i. The tax collection agency fund remitted $150,000 to the special revenue fund (representing collections from [g]).
j. Issued purchase orders for materials and supplies in the amount of $480,000.
k. Received the materials and supplies in (j) invoiced at $490,000. Checks were issued in the amount of $225,000 representing partial payment of the invoices for (j).

Instructions:

Record the transactions in general journal form.

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a. The budget adopted for the current school year was as follows: Estimated revenue-income taxes $600,000 Estimated revenue-tuition 150,000 1,200,000 Estimated revenue-federal sources Appropriations: Salaries Employee benefits Materials and supplies $1,100,000 200,000 500,000