Prepare journal entries to record the following transactions and events that occurred in Jeter City during calendar year 2019. 1. The city council adopted the following budget: $2,500,000 1,400,000 50,000 $3,950,000 Estimated revenues and other sources: Property taxes Sales taxes Use of fund balance Total Appropriations: Streets and parkways: Personal services Equipment Operating supplies All other appropriations Total $ 780,000 95,000 125,000 2,950,000 $3,950,000 2. The Department of Streets and Parkways (S&P) took bids to purchase several items of equipment. The lowest bid came in at $105,000, which was greater than the amount appropriated for equipment. Jeter City's budget director, who had the authority to interchange budgetary appropriations amounts within a department, authorized a $10,000 reduction in the department's personal services appropriation and a corresponding increase in the equipment appropriation. 3. S&P entered into contract S&P 2019a for $105,000, charging the equipment appropriation 4. S&P issued PO 19-1 for asphalt in the amount of $15,000, charging the operating supplies appropriation 5.S&P received the equipment, and after inspecting all the items, approved the $105,000 invoice for payment. 6. S&P received the asphalt and approved the invoice of $15,000 for payment. Ref. Credit Debit 2,500,000 1,400,000 50,000 Description Estimated revenues - property taxes Estimated revenues - sales taxes Budgetary fund balance Appropriations - streets and parkways personal services Appropriations - streets and parkways equipment Appropriations - streets and parkways operating supplies Appropriations - all other To record 2019 budget. 780,000 95,000 125,000 2,950,000 0 105,000 To record budget interchange, Appropriations - streets and parkways equipment Cash To encumber for contract SP 2019a. Expenditures - Streets and parkways operating supplies 105,000 To encumber for PO 19.1. DUSICSCUAIS 0 105,000 Cash To encumber for contract S&P 2019a. Expenditures - streets and parkways operating supplies To encumber for PO 19-1. To reverse encumbrance for contract S&P 2019a. 0 To record expenditure for contract S&P 2019a. To reverse encumbrance for PO 19.1. To record expenditure for PO 19.1. Prepare journal entries to record the following transactions and events that occurred in Jeter City during calendar year 2019. 1. The city council adopted the following budget: $2,500,000 1,400,000 50,000 $3,950,000 Estimated revenues and other sources: Property taxes Sales taxes Use of fund balance Total Appropriations: Streets and parkways: Personal services Equipment Operating supplies All other appropriations Total $ 780,000 95,000 125,000 2,950,000 $3,950,000 2. The Department of Streets and Parkways (S&P) took bids to purchase several items of equipment. The lowest bid came in at $105,000, which was greater than the amount appropriated for equipment. Jeter City's budget director, who had the authority to interchange budgetary appropriations amounts within a department, authorized a $10,000 reduction in the department's personal services appropriation and a corresponding increase in the equipment appropriation. 3. S&P entered into contract S&P 2019a for $105,000, charging the equipment appropriation 4. S&P issued PO 19-1 for asphalt in the amount of $15,000, charging the operating supplies appropriation 5.S&P received the equipment, and after inspecting all the items, approved the $105,000 invoice for payment. 6. S&P received the asphalt and approved the invoice of $15,000 for payment. Ref. Credit Debit 2,500,000 1,400,000 50,000 Description Estimated revenues - property taxes Estimated revenues - sales taxes Budgetary fund balance Appropriations - streets and parkways personal services Appropriations - streets and parkways equipment Appropriations - streets and parkways operating supplies Appropriations - all other To record 2019 budget. 780,000 95,000 125,000 2,950,000 0 105,000 To record budget interchange, Appropriations - streets and parkways equipment Cash To encumber for contract SP 2019a. Expenditures - Streets and parkways operating supplies 105,000 To encumber for PO 19.1. DUSICSCUAIS 0 105,000 Cash To encumber for contract S&P 2019a. Expenditures - streets and parkways operating supplies To encumber for PO 19-1. To reverse encumbrance for contract S&P 2019a. 0 To record expenditure for contract S&P 2019a. To reverse encumbrance for PO 19.1. To record expenditure for PO 19.1