Please prepare journal entries for the following in the funds and account groups shown in the multi-fund journal. This city is erecting a community center, and a capital projects fund has been established to account for its construction. Also a debt service fund has been created to account for servicing long-term debt.

1. The general fund recorded the annual budget at the beginning of the year for the general fund. Revenues are estimated to be $3,000,000, budgeted transfers from other funds are $100,000, and expenditures are estimated to be $2,900,000.

2. Levied general purpose property taxes of $1,400,000, of which 3% is estimated to be uncollectible.

3. Wrote-off $9,000 of the taxes levied in #2.

4. The city sold the mayor's car. This car had a cost of $26,000, was sold for $14,000, and had been depreciated $16,000.

5. The capital projects fund borrowed $85,000 from the general fund. This will be repaid in three years.

6. The General Fund purchased, for cash, a fire truck, $350,000.

7. A property owner paid next year's general property taxes in advance, $4,600.

8. The city sold bonds, $2,000,000, 5% bonds, at 97, to finance construction of the community center. A capital projects fund is created to account for construction of the community center. These are term bonds which pay interest annually.

9. General fund loaned $38,000 to the capital projects fund for various construction related costs. The amount will be repaid within several months.

10. A wealthy citizen donates $2,000,000 to the city to be used for the city's little league program. Only earnings on this endowment can be spent.

11. A property owner was unable to pay the property taxes, and as a result the home was repossessed by the city. Fair market value of the home was $89,000 and the tax lien receivable was $94,000. The city does not anticipate selling this home for several years.

12. Please record the entry if, several years later, the property repossessed in #11 was sold for $106,000, cash.

13. On February 12, was awarded and received cash for a $500,000 grant for landscaping the community center. The grant covers the period May 1 - July 31. Record the February 12 entry.

14. The debt service fund levied a special assessment tax, $200,000, all applicable to this year.

15. The debt service fund paid interest on the bonds in #8, $100,000.

16. The City has long-term notes that were issued several years ago, these notes were paid ($50,000), plus interest ($4,000).

17. The city was awarded and received $40,000 for a pass-through grant, in which the grant is used to improve chosen neighborhoods in the city. The city temporarily holds the $40,000 then passes the proceeds on to neighborhood associations chosen to receive the grant proceeds. In this case, the neighborhoods to receive the grant proceeds have already been chosen by the state government. Record the receipt of these grant proceeds.

18. Assume cash in the endowment (#10) was invested in stock, which has already been recorded. Stock investments in the endowment with a cost of $120,000 were sold for $160,000. Secondly, the investment earnings were then transferred to the general fund for the endowment's designated purpose. Record the sale of the investments and the transfer.

19. The debt service fund, needing immediate cash, sold a 4-month, tax anticipation note, $62,000 face value, 6% annual interest.

20. It is now the end of the fiscal year, the city has determined that $46,000 of the taxes levied in #2 will not be collected until after 60 days into the next fiscal year.