Homework - Prepare journal entries for the following transactions in the general fund:

1. A budget is adopted. Estimated revenues are $5,000,000 and appropriations are $5,100,000 2. Property taxes in the amount of $5,000,000 are levied, and 5% are estimated to be un-collectable.

3. Purchase orders in the amount of $2,300,000 are issued.

4. $4,800,000 of property taxes are collected.

5. The goods ordered in the purchase orders above arrive with invoices for $2,200,000.

6. Employee salaries are paid in the amount of $2,700,000.

7. Office supplies in the amount of $30,000 are ordered but not received before fiscal year end.

8. The vouchers for the invoices above are paid.

9. The fiscal year ends, and the budgetary accounts are closed.