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i need the journal entries for all 11 a The following example illustrates basic transactions for a small village's governmental operations that are recorded in
i need the journal entries for all 11
a The following example illustrates basic transactions for a small village's governmental operations that are recorded in the general fund. Please provide journal entries for the following events that occurred during the fiscal year: 1. The village council adopts a budget that estimates revenues of $500,000 and authorizes spending of $480,000. 2. The village levies property taxes of $400,000 and estimates that 5% will be uncollectable. 3. The village is notified by the state that a grant for general operating purposes of $120,000 has been awarded and will be distributed in one month. 4. The village orders supplies estimated to cost $50,000 5. The village collects property taxes of $390,000 during the fiscal year. 6. The village pays employees $330,000 during the fiscal year. 7. The village receives the supplies ordered with an invoice of $55,000. 8. The village pays the invoice for the supplies. 9. The state grant is received. 10. The village signs a contract for playground equipment and improvements to be made to the village public park for $90,000 11. The village fiscal year ends, and budgetary accounts are closedStep by Step Solution
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