General Fund Journal Entries

Listed are typical financial activities of a local governmental unit.

1. The legislative unit approved the budget for the general operating fund. Estimated revenues are $4,000,000, and appropriations for expenditures are $3,800,000.
2. Statements of property tax assessments totaling $3,000,000 were mailed to property owners. It is estimated that 4% of the assessed taxes will be uncollectible.
3. Notification was received from the state that this units share of sales tax revenues from the fourth quarter of the previous year will be $500,000.
4. The manager signed a contract to purchase equipment costing $250,000.
5. The equipment ordered above was received and paid for.
6. Employees were paid their biweekly wages of $36,000.
7. Property taxes in the amount of $2,050,000 were collected.

Required:

Prepare the necessary journal entries to record the transactions listed above in the records of the General Fund.

General Fund Journal Entries Listed are typical financial activities of a local governmental unit. 1. The legislative unit approved the budget for the general operating fund. Estimated revenues are $4,000,000, and appropriations for expenditures are $3,800,000. 2. Statements of property tax assessments totaling $3,000,000 were mailed to property owners. It is estimated that 4% of the assessed taxes will be uncollectible. 3. Notification was received from the state that this unit's share of sales tax revenues from the fourth quarter of the previous year will be $500,000. 4. The manager signed a contract to purchase equipment costing $250,000. 5. The equipment ordered above was received and paid for. 6. Employees were paid their biweekly wages of $36,000. 7. Property taxes in the amount of $2,050,000 were collected. Required: Prepare the necessary journal entries to record the transactions listed above in the records of the General Fund