56. Journal entries for a series of transactions Prepare journal entries in the General Fund for each of the following events relating to the City of Jasper (all amounts in $1,000s ). a. The citizens approve the following budget for the year: b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year: c. The City issues purchase orders totaling $95,490 (record the issuance of orders as a lump sum). d. The City recognizes the following expenditures, all on account (these expenditures were previously recorded as budgetary encumbrances): f. The City collects accounts receivable ( $81,540 relating to property taxes and $14,005 relating to intergovernmental receivables) and pays outstanding accounts payable in the amount of $89,974 during the year. g. The City recognizes an increase of $1,310 in deferred revenues as a year-end adjustment to yield a balance in that account of the total property taxes receivable that are not expected to be collected within 60 days. h. The City makes the required closing entries to close out the budgetary and operating accounts. In addition, the City closes out the remaining $1,080 balance of budgetary encumbrances outstanding and formally charges that balance to fund balance-assigned since the outstanding invoices are expected to be honored in the next fiscal year. 56. Journal entries for a series of transactions Prepare journal entries in the General Fund for each of the following events relating to the City of Jasper (all amounts in $1,000s ). a. The citizens approve the following budget for the year: b. The City records the following revenues (on account) and other financing sources (paid in cash) during the year: c. The City issues purchase orders totaling $95,490 (record the issuance of orders as a lump sum). d. The City recognizes the following expenditures, all on account (these expenditures were previously recorded as budgetary encumbrances): f. The City collects accounts receivable ( $81,540 relating to property taxes and $14,005 relating to intergovernmental receivables) and pays outstanding accounts payable in the amount of $89,974 during the year. g. The City recognizes an increase of $1,310 in deferred revenues as a year-end adjustment to yield a balance in that account of the total property taxes receivable that are not expected to be collected within 60 days. h. The City makes the required closing entries to close out the budgetary and operating accounts. In addition, the City closes out the remaining $1,080 balance of budgetary encumbrances outstanding and formally charges that balance to fund balance-assigned since the outstanding invoices are expected to be honored in the next fiscal year