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.

1. The government adopted its General Fund budget. Budgeted revenues were $6,500,000 and budgeted expenditures were $6,400,000.

2. Property taxes of $4,000,000 were levied; 1% of the taxes are expected to be uncollectible. $3,000,000 is expected to be collected from taxpayers by the end of the fiscal year. Another $500,000 is expected to be collected during the first two months of the next fiscal year.

3. Three million two 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 collected this 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 government paid salaries, $3,600,000. Additional salaries were earned by employees but not paid by year end$300,000.

7. The vehicles ordered in 5 were received. The actual cost was $690,000.

8. The government paid $500,000 of general revenues over to the fund through which its general government bonds are serviced to provide for future principal and interest payments.

9. The government borrowed $90,000 two months before year end on a 6%, 6-month note to provide additional cash for the General Fund. The note is a fund liability.

10. General Fund departments were billed $110,000 for water and sewer services provided by the government's own water and sewer department. One hundred thousand dollars was paid.

11. Three million dollars of General Fund cash was paid to the Airport Enterprise Fund. This loan is required to be repaid in 3 years.

12. Government computers were sold at auction for $13,000. The proceeds are unrestricted. The original cost of the computers, which were used by general government departments, was $80,000. They had been used two years longer than originally expected.

Prepare all the entries required in the Capital Projects Fund for the County for the following transactions and events. Assume that the bond anticipation notes meet the criteria for being treated as long-term debt.

1. The county issued $2,000,000 of 9-month, 10% bond anticipation notes on June 30, 20X3. The proceeds are to be used to begin construction of a recently approved addition to the county jail.

2. On July 10, the county signed a contract for $5,000,000 for construction of the addition.

3. The contractor billed the county $1,600,000 for work completed on the jail addition in 20X3.The county paid all but $100,000 of the amount billed. The balance is to be paid upon completion and approval of the project in 20X4.

4. December 31 is the end of the fiscal year for the county.

No adjusting entry needed for interest because the BANs are general long-term liabilities. Therefore, no interest expenditures should be accrued.

5. The county issued $5,000,000 of 10-year, 8 percent bonds at par on March 31, 20X4. Bond issue costs of $50,000 were withheld from the proceeds. Interest and one-tenth of the principal are payable annually on the bonds. The bond proceeds are to be used to repay the bond anticipation notes and to finance construction of the jail addition.

6. On March 31, the county transferred $150,000 from the General Fund to the Jail Construction Fund to provide for payment of the interest on the bond anticipation notes. The notes and interest also were paid on that date.

7. In May the contractor billed the county $3,250,000 for the remainder of the work on the jail. The county approved the facility and paid the contractor all amounts owed.

8. The unused resources in the Jail Construction Fund were transferred on June 12, 20X4, to the fund that is to service the debt.

9. December 31 is the end of the fiscal year.