Prepare the General Fund general journal entries required to record the following transactions.Include entries for any adjusting entries that would be appropriate by the end of the year in which the transaction occurred.

(2.5 pts each)

1.The government adopted its General Fund budget.Budgeted

revenues were $6,500,000 and budgeted expenditures were $6,900,000.

2.Property taxes of $ 5,000,000 were levied; 2% of the taxes are

expectedto be uncollectible.$ 4,000,000 is expected to be collected

from taxpayers bythe end of the fiscal year.Another $ 400,000 is

expected to be collectedduring the first two months of the next

fiscal year.

3.Three million five hundred thousand dollars of taxes receivable were

collected before the due date.The remaining taxes are past due.(The

government has not changed its estimate of the total taxes to be

collectedhis year and the first 2 months of the next year.)

4.License and permit revenues collected in cash totaled $300,000.

5.The government ordered vehicles for general government

departments with an estimated cost of $700,000.

6.The vehicles ordered in 5 were received.The actual cost was

$ 725,000