1) The City of Richards was recently incorporated and had the following transactions for the fiscal year ended December 31, 2020.

a. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $4,300,000 and appropriations were $4,150,000.

b. Property taxes in the amount of $2,400,000 were levied. It is estimated that five percent of the taxes levied will be uncollectible.

c. A General Fund transfer of $100,000 in cash was made to establish a central duplicating internal service fund.

d. The citys utility enterprise fund billed the citys General Fund $400,000 for water and sewage services. As of December 31, the General Fund had paid $300,000 of the amount billed and plans to pay the balance shortly after year end.

e. Cash collections recorded by the general government function during the year were as follows: Property taxes $2,000,000 Licenses and permits 35,000 User charges 28,000

f. During the year the internal service fund billed the citys general government function $22,500 for duplicating services and it billed the citys utility fund $10,200 for services.

g. The city council decided to build a courthouse at an estimated cost of $12,000,000. To finance the construction, 6 percent bonds were sold at face value of $12,000,000. A contract of $11,000,000 has been signed for the project; however, no expenditures have been incurred as of December 31, 2020. The city utilizes encumbrances for this project.

h. The general government function issued a purchase order for $40,000 for computer equipment. When the equipment was received, a voucher for $47,000 was approved for payment and payment was made. The government utilizes encumbrances for purchase orders.

Required: Prepare all journal entries to record each transaction for the fiscal year ended December 31, 2020. For each entry, note the fund the journal entry would be recorded in. You can organize your answer sheet as follows:

Transaction number Fund Account Title Debits Credits