Advanced Accounting 412 Governmental Problem Fall 2021 Prepare the journal entries necessary for the following transactions. For each transaction you must identify the fund in which the entries are recorded. Make the entries only for the Fund-Based Financial Statements for the fiscal year ended 6/30/2021.

1. The board of commissioners of the Cosmo City adopted a General Fund budget for the year ending June 30, 2021, which indicated revenues of $5,100,000, bond proceeds of $620,000, appropriations of $1,900,000 for salaries, $800,000 for advertising, $400,000 for supplies, and $800,000 for utilities, and also operating transfers out of $980,000.

2. Cosmo City collected $22,000 from parking meters.

3. On March 12, 2021, Cosmo City ordered a new computer at an anticipated cost of $414,000. The computer was received on April 16 with an actual cost of $416,200. Payment was subsequently made on May 15, 2021.

4. Property taxes of 1,800,000 are levied for Cosmo City. The city expects that 5% will be uncollectible. Of the levied amount, $50,000 will be collected next year, after more than 60 days.

5. On June 14, 2021, Cosmo City agreed to transfer cash of $102,000 from the General Fund to provide permanent financing for a municipal swimming pool that will be viewed as an Enterprise Fund. The cash was transferred on June 30.

6. The city purchased $28,000 of office supplies. During the year all supplies were used.

7. The city issued a $1,200,000 bond was issued on October 1, 2020 to purchase a new building. The bonds carried a 6% interest rate and are due in 10 years.

8. The city acquires a building for $2,100,000 cash and immediately begins renovations on it.

9. Depreciation on the building for the year is $38,000.

10. The city transfers $18,000 cash from the General Fund to the Debt Service Fund.

11. The city pays interest of $26,000 on debt.

12. The city assesses and collects $35,000 from the citys citizens for a sidewalk project.