Accounting for the General Ledger and Property Taxes l. For the General Fund of the Town of Centerville: Record the Transactions First Year of Operation General Fund Operating Budget Property Taxes Fees Fines Total 10,000,000 $3,000,000 $100,000 13,100,000 Administration Public Safety Street Maintenance Total Increase in Fund Balance Transactions 1. Record the budget 2. The town levied the property taxes 3. The town issued purchase orders: Administration $600,000; Public Safety $2,000,000. 4. The town received 3,000,000 in property taxes 5. The town incurred salary expenditures: 500,000; for Public Safety 6. The town received items purchased in transaction 3. Administration 590,000; Public Safety $5,000,000 $7,000,000 1,0,0 13,000,000 $100,000 $1,990,000. 7. Additional Cash receipts: Property Taxes $500,000, Fines $35,000, fees 100,000