A. Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2019.Use modified accrual accounting for the General fund only

1)The legal budget for the year provided for $900,000 of estimated revenues, $800,000 appropriations, and $50,000 transfer out to debt service fund.

2)Issued $ 250,000 of purchase orders outstanding for office supplies.

3)Property taxes were levied in the amount of $400,000.It is estimated that 2 percent of the taxes will never be collected.

4)Other revenues are collected as cash for $920,000.

5)Paid wage expenditures for the current year $220,000.

6)Supplies, relating to all of the purchase orders in b), were received along with invoices amounting to $245,000.

7)Collections of current property taxes amounted to $350,000.

8)Reclassify the uncollected taxes recorded as delinquent.

9)Accrued other expenditures for the year (not encumbered) $320,000 as vouchers payable.

10)Transfer cash to debt service fund in the amount of $50,000 to prepare debt payments.

11)Close the budgetary accounts.

12)Close the operational accounts.

B. Prepare Statement of Revenues, Expenditure, and change in Fund Balances for the above transactions.