I. For the General Fund of the Town of Centerville: Record the Transactions:

First Year of Operation:

General Fund

Operating Budget

Estimated Revenues

Property Taxes $10,000,000

Fees $3,000,000

Fines $100,000

Total $13,100,000

Appropriations

Administration $5,000,000

Public Safety $7,000,000

Street Maintenance $1,000,000

Total $13,000,000

Increase in Fund Balance $100,000

Transactions

1. Record the budget

2. The town levied the property taxes.

3. The town issued purchase orders: Administration $600,000; Public Safety $2,000,000.

4. The town received 3,000,000 in property taxes.

5. The town incurred salary expenditures: 500,000; for Public Safety.

6. The town received items purchased in transaction 3. Administration 590,000; Public Safety

$1,990,000.

7. Additional Cash receipts: Property Taxes $500,000, Fines $35,000, fees 100,000.

II. Record the Journal Entries for Property Taxes of Snowville

January 15 th : Levied property taxes of $10, 000,000. Snowville estimates 2% of property taxes

uncollectible.

February 15 th : Collects $7,500,000 in property taxes.

March 15 th Re-classifies outstanding property taxes from current to delinquent.

May 10 th : Places a lien on Smiths property for $200,000 in outstanding property taxes.

June30th: Sells Smiths property at auction for $220,000.