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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

  1. Goodwill County had the following transactions for their General Fund in the first month of their fiscal 2019 year, which ends June 30, 2019.

  1. 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.

  1. Supplies were ordered in the amount of $33,000.

  1. The electric bill was paid upon receipt in the amount of $75,000.

  1. Property taxes were billed in the amount of $1,200,000, due on December 31.

  1. 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.

  1. Property tax payments were received amounting to $100,000.

  1. Payment was received from merchants for sales tax collections amounting to $400,000.

  1. Borrowed $120,000 for a six-month term, to be paid upon receipt of property tax payments which were previously billed.

  1. 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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