1. Prepare journal entries to record the following events and transactions for the year 2018.

a. The Township adopted a budget calling for appropriations of $420,000. The estimated revenues (all property taxes) were $400,000.

b. The Township sent property tax bills amounting to $280,000 to property owners.

c. Property owners paid $250,000 of property taxes to the Township.

d. A purchase order of $40,000 was sent to a vendor of supplies.

e. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $38,000 was approved.