E17-3. Listed are transactions of the Town of Jackson.

1. A budget consisting of estimated revenues of $1,950,000 and appropriations for expenditures of $1,800,000 was passed by the town council.

2. Property taxes of $1,150,000 were assessed; $1,115,000 are expected to be collectible.

3. Property taxes in the amount of $1,080,000 were collected.

4. Equipment costing $200,000 was purchased, and the old equipment was sold at the end of its estimated useful life for $24,000.

5. A contract was signed with an independent company to do the trash collecting for the year. The contract price was $96,000.

6. The first monthly bill of $8,000 was received from the trash collector.

7. The $8,000 bill was paid.

Required:

Prepare the journal entries needed in the records of the General Fund to account for these transactions.