Prepare general journal entries, including appropriate interest accruals, to record the

following transactions in the general ledger of the General Fund of a Township

1. Township Council adopted the budget for the fiscal year:

Budgeted revenues, $25 million Appropriations, $28 million

2. Township levied property taxes for the current year, $20 million.

expected uncollectible portion (2%) and 90 % expected to be collected by

year end with 5 % expected in the first 60 days of the next fiscal year

3. Taxes of $14 million were collected before the due date. The remaining taxes

were declared past due.

4. Taxes receivable of $ 5 million were collected.

5. Fines and forfeits of $300,000 were collected in cash.

6. Police uniforms were ordered at an estimated cost of $15,000.

7. Salaries and wages paid, $11 million; accrued but not paid, $ 650,000.

8. Three million dollars was loaned to an Enterprise Fund. It is to be repaid in

5 years.

9. Borrowed $500,000 on a 6 month, 9%, interest-bearing note due three months

after year-end. The note is not considered general long-term debt.

10. Received half of the police uniforms that were ordered. Actual cost was $7,650