Instructions: Prepare the general ledger journal entries for the transactions. If no entry is required, do not leave it blank. State "No Entry Required" and briefly explain why.

Transactions:

1.The City Council approved the following budget for the fiscal year:

Appropriations......................................................................................... 14,000

Estimated Revenues................................................................................. 12,000

Of these amounts, $8,000 is for operating expenditures and $10,000 is for property tax revenues.

2. The property tax levy was recorded, $10,000, of which 3% will probably prove uncollectible.

3. The city ordered $200 in supplies.

4. The City borrowed $500 from the Blount National Bank on a two-month, 6% note.

5. Cash receipts were (see entry #2):

Property Taxes......................................................................................... 8,500

License and Permits................................................................................. 150

Total Receipts..................................................................................... 8,650

6. The City Council revised the budget (see entry #1). Appropriations were reduced $3,000 and Estimated Revenues were reduced $2,000 (Appropriations for Expenditures Operating were reduced $1,000; property tax revenues were not affected).

7. Of the previous supplies order (Entry #3), 75% of the order was received. The actual cost of the goods received was $135. The amount due the vendor will be paid at a later date.

8. City employees were paid, $25.

9. The city ordered a new police car. The estimated cost is $21.

10. The City repaid the short-term note (see entry #4) when due.

11. Wrote off $100 of taxes receivable as uncollectible (see entry #2).

12. Paid $12 to the Special Revenue Fund to repay it for General Fund employee salaries that were inadvertently recorded as expenditures of that fund.

13. The city received the police car (see entry #9). The actual cost was $22. The vendor will be paid at a later date.

14. The city collected $50 for licenses.

15. The city paid $157 on account.