Prepare journal entries to record each transaction and identify the Fund or Group of Accounts in which each entry is recorded. Required: Prepare the necessary journal entries to record the transactions and identify ALL the fund or account group in which it would be recorded. Notes: Read carefully and follow strictly so that Bb can grade you correctly! 1. Use comma in numbers, one thousand is 1,000, not 1000. No $ sign. 2. If no entry is required, write N/A. 3. For Funds and Account Groups, only use the following: Genf, SRevf, Cappe, Debts, Perm/E, Enterp/F, IntriSF, Agency, sAssess, GFAAG, GLTDAG For accounts, only use the following: Est/Rev. Appropriations, EstOfS. EstOFU, FB/Unassigned, Cash, Prax/Rec. Allowance for Uncoll, DueTo, Duero m. Revenues, OFS, Expenses. Expenditures, OFU, Amt/TBProv, Bonds/P 4. Copy Funds, Account Groups, and account names accurately to receive credits. Names are not case sensitive. 1. The City Council passed a resolution approving a general operating budget of 56,200,000 for the fiscal year. Total revenues are estimated at $5,500,000 Fund/Account Group Journal Entries Account Dr. Account Dr. Account Cr. 2. The City Council passed an ordinance providing a property tax levy of $150 per $100 of assessed valuation for the fiscal year. Total property valuation in Jackson City is $800,000,000. Property is assessed at 50% of current property valuation. Property tax bills are mailed to property owners. An estimated 3% will be uncollectible. Fund/Account Group Journal Entries Account Dr. Account Cr Account Cr 3. The City sold a general obligation term bond issue for $1,600,000 at 102 to a major brokerage firm. The stated interest rate is 10%. Construction of a new Municipal Courts Building will be financed by the bond issue proceeds. Fund/Account Group Journal Entries Account bank a/c Dr. 1,600,000 Account to bonds Cr. 1,600,000 Fund/Account Group Journal Entries Account Dr. Account Cr. 4. The premium on bond sale in (3) above is transferred to the Debt Service Fund. Fund/Account Group Journal Entries Account debt service fund Dr. Account to bank) Cr. Fund/Account Group Journal Entries Account Dr. Account Cr. 5. At the end of fiscal year, the City Council approves the write-off of $65,000 of uncollected taxes because of inability to locate the property owners. Fund/Account Group Journal Entries Account bad debt Dr. 65,000 Account to property owner debto Cr. 65,000