EXERCISE 17-8 Journal Entries LO 8 During 2020, the City of Greenfield engaged in the following financial activities: 1. The City Council approved the budget for the general operating fund. The budget showe estimated revenues of $1,900,000 and appropriations for expenditures of $1,850,000 2. Property tax assessments for 2020 were compiled and statements mailed to property owners. Assessments total $955,000. Past collection experience indicates that approximately 5% of assessed property taxes are delinquent or uncollectible during the year of billing. 3. A low bid of $15,000 was accepted for a new vehicle for the fire chief. A purchase order was issued providing for additional costs for painting and ancillary equipment (negotiated after the bid) prior to delivery. The estimate of additional costs is $1,400. 4. Additional purchase orders placed during the year amount to $140,000 5. City employees are issued paychecks for the month of April. The total payroll amounts to $90,000 6. The City received a statement from the State Treasurer that the City's portion of the state sales tax for the first half-year is $375,000. 7. Vouchers for expenditures totaling $135.000 are approved for payment. Encumbrances against these vouchers were recorded at a total of $137,000. 8. The vehicle for the fire chief was delivered and accepted. The invoice in the amount of $16,200 was approved for payment. 9. Property tax collections for the month of June amounted to $450,000. 10. The City Treasurer issued checks in payment of the vouchers totaling $135,000 and for the invoice for the fire chief's vehicle. 11. A purchase order previously issued for an electric typewriter (estimated price $650) was canceled when the vendor indicated a three-month delay in delivery. Required: Prepare journal entries to record and account for the foregoing transactions