Michago School Corporation 2 Special Revenue Fund had the following accounts and balances on July 1:

b. The board of education authorized the sale of investments, and the investments were sold for $18,500.

c. Teacher’s contracts were approved for special programs, $83,000, and for adult/continuing education, $24,000.

d. The special revenue fund received an invoice from the operations and maintenance fund for $18,000, representing its share of costs for the year.

e. Received state grants-in-aid in the amount of $82,000.

f. Cash was collected from rentals in the amount of $4,200.

g. Federal grants-in-aid were received for $43,500.
h. Taxes had been assessed and levied for the school corporation resulting in the special revenue fund’s share amounting to $122,000.
i. Prior to the start of the school year, a special programs teacher resigned who previously had signed a contract with the district for $31,500.
j. During the year, vouchers were paid as follows:

k. Collected $121,000 from the central tax collection agency fund.
l. Paid $222,000 on accounts payable.

Instructions:

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2-101 Cash 2-111 Investments 2-402 Accounts payable 2-730 Special revenue fund balance During the year, the following transactions occurred: $24,000 18,500 2,200 43,300 2-1100 a. The board of education adopted the following budget: Revenue from local sources-taxes $200,000 2-1910 Revenue from local sources-rentals 4,000 2-3000 Revenue from state sources-grants-in-aid 80,000 2-4000 Revenue from federal sources-grants-in-aid 60,000 Appropriations: 2-1200 Special programs 85,000 2-1300 Adult/continuing education programs 26,000 2-2100 Support services-pupils 15,000 2-2120 Support services-guidance 12,000 2-2200 Support services-instructional staff 2,000 2-2220 Support services-instructional media 30,000 2-2320 General administration 20,000 2-2350 Facilities acquisition 28,000