Elmwood City incurred the following transactions during the year. Use the lines provided below and on the following pages to prepare journal entries to record each transaction and identify the fund in which each entry is recorded. No explanations are required. Be sure to place the corresponding number and fund type for each transaction beside each entry. Skip one line between each entry.

The Elmwood City Council passed a resolution approving a general operating budget of $ for the fiscal year. Total revenues are estimated at $

The Elmwood City Council passed an ordinance providing a property tax levy to all residents of $ Property tax bills are mailed to property owners. An estimated will be uncollectible.

Elmwood City issued $ bonds at to a major brokerage firm. The stated interest rate is and proceeds collected were $ Construction of a new Municipal Courts Building will be financed by the proceeds of this bond issue.

The $ premium on bond sale in above is transferred to the Debt Service Fund.

Elmwoods lottery earned $ for the year. All lottery proceeds must be used to support the citys education.

Funds of $ were transferred out of the lottery fund see item above and into Elmwood Citys primary bank account general fund The funds were then disbursed for education.