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Goodwill County had the following transactions for their General Fund in the first month of their fiscal 2019 year, which ends June 30, 2019. The
- Goodwill County had the following transactions for their General Fund in the first month of their fiscal 2019 year, which ends June 30, 2019.
- The budget was approved, with $1,200,000 expected from property taxes, and another $5,000,000 expected from sales taxes. The budget showed these funds were expected to be spent on Salaries and Wages, $3,100,000; Utilities, $1,800,000; Rent, $900,000; and Supplies, $200,000.
- Supplies were ordered in the amount of $33,000.
- The electric bill was paid upon receipt in the amount of $75,000.
- Property taxes were billed in the amount of $1,200,000, due on December 31.
- Supplies were received, but the invoice amount was $35,000 and will be paid in 35 days. Supplies are used quickly and are not inventoried.
- Property tax payments were received amounting to $100,000.
- Payment was received from merchants for sales tax collections amounting to $400,000.
- Borrowed $120,000 for a six-month term, to be paid upon receipt of property tax payments which were previously billed.
- Used the funds borrowed to purchase a new fire truck. The truck is expected to have a 15-year useful life, and a $5,000 residual value.
Required:
Prepare the journal entries for the General Fund that would be required for these transactions.
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