please explain #5

. Education Benefits The following example illustrates basic transactions for a small village's governmental operations that are recorded in the general fund. The following events occurred during the fiscal year: Governmental CGASR 1. The village council adopts a budget that estimates revenues of $500,000 and authorizes spending of $480,000. Est. Revenues 500.000 Appropriations 480.000 Fund Budget 20.000 Acc wted ion e fun tuse of the of licit 2. The village levies property taxes of $400,000 and estimates that 5% will be uncollectable. Property Tax Receivables 400.000 Property tax revenue 380.000 Allowance for uncollectible Tax 20.000 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. Grant Receivable 120.000 Grant Revenue 120.000 ernal ples ernn anci: plex jons, ser as tz th re me can s to 4. The village orders supplies estimated to cost $50,000 Enecembranees 50.000 Reserve fer encumprances 50.000 5. The village collects property taxes of $390,000 during the fiscal year. Casho 390.000 Uncollectible 10.000 Receivables Property Tax Rec. 390.000 10.000