Preparation of journal entries for a number of transactions Prepare journal entries for the following transactions for the City of Sparks, NV: a. The City Council approved its budget for the year for estimated revenues of $5,250,000 and appropriations of $5,100,000. b. Revenues received in cash amounted to $5,100,000 for the year. C. The City issues $750,000 of purchase orders. d. The City purchased goods and services under $675,000 of the purchase orders in Part b amounting to a cash payment of $667,500. The remaining $37,500 of purchase orders are still outstanding and unpaid at year-end. e. The City paid $3,000,000 of wages to City employees during the year. These wages were not evidenced by a formal encumbrance since they are recurring in nature. Journal Entries Description Debit Credit ESTIMATED REVENUES APPROPRIATIONS BUDGETARY FUND BALANCE Ref. a. 0 0 0 0 0 0 b. Cash - 0 0 Revenues 0 0 C. ENCUMBRANCES - 0 0 0 d. 0 ooo 0 To reverse the previous entry. oooo oooo e