Prepare entries in journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2017:

a. The legal budget for the year provided for $5,040,000 of estimated revenues and $4,960,000 of appropriations.

b. Assume there are $140,000 worth of purchase orders outstanding at the end of the prior fiscal year, and that these will be honored in the current year. Re-establish the encumbrance.

c. Property taxes were levied for $3,200,000. It is estimated that 2 percent of the taxes will never be collected.

d. Purchase orders were issued for equipment and supplies for $3,040,000 during the year.

e. Supplies, relating to all of the prior year purchase orders (part b) were received, along with invoices totaling $144,000.

f. Collections of current property taxes amounted to $2,720,000. The uncollected taxes were recorded as delinquent.

g. It was estimated that $200,000 in property taxes would be collected in the first 60 days of fiscal year 2018 and that $216,000 would be collected in later periods.