cent year. 3-2 (General Fund-Typical Transactions) Prepare all General Ledger entries required in the General Fund of Washington County for each of the following transactions. Also, use transaction analysis to show any effects on the GCA-GLTL accounts. 1. The county levied property taxes of $5.000.000. Two percent are expected to prove uncol- lectible. The rest of the taxes are expected to be collected by year-end or soon enough thereafter to be considered available at year-end. The county collected $4.300.000 of the taxes receivable before the due date and the bal- ance of taxes became delinquent. The county collected another $540.000 of the taxes receivable by the end of the fiscal year. The county paid salaries and wages of $3.500.000 to General Fund employees during the year. Accrued salaries at the beginning of the year were $180.000, and accrued salaries at year-end were $200,000. $800.000 was loaned from the county General Fund to the Washington County Inland Port Authority Enterprise Fund. The loan is to be repaid in three years. The county purchased materials and supplies for various General Fund departments. The actual cost of $398,000 was vouchered. The county purch; sed road maintenance equipment at an actual cost of $40.000. which was vouchered. DTUD buuuc. 1.B guidance? E1-1 (Multiple Choice) Identify the best answer for each of the following: 1. The body with primary accounting standards-setting authority for state and local governments is the a. American Institute of Certified Public Accountants. b. Financial Accounting Standards Board. C. Government Finance Officers Association. d. Governmental Accounting Standards Board. e. U.S. Government Accountability Office. 2. The body with primary accounting standards-setting authority for colleges and universities is the a. National Association of College and University Business Officers. b. Financial Accounting Standards Board. C. Governmental Accounting Standards Board. d. Governmental Accounting Standards Board for governmental colleges and universi- ties and the Financial Accounting Standards Board for all other colleges and universities. e. U.S. Department of Education. 3. A governmental (expendable) fund accounting entity a. is often useful in accounting for general government activities but is optional (expendable). includes only financial assets and related liabilities and depreciable (expendable) capital tad in povernmental funds