Part IV. Basic Set of Budgetary Entries Prepare entries to record the following transactions for Benton City for the year 2013. Do not use encumbrance accounting in this problem. The city adopted a budget with appropriations of $250,000. The estimated revenues (all property taxes) were $240,000. b. The city sent property tax bills, at the time of levy, amounting to $230,000 to property owners C The city collected property tax bills, from (b) above, of $225,000. The remainder will be collected in January of 2014. d. A purchase order of $35,000 was sent to a vendor of supplies