Prepare the general ledger journal entries for the transactions. If no entry is required, do not leave it blank. State "No Entry Required" and briefly explain why.

Transactions:

1. The City Council approved the following budget for the fiscal year:

2. The property tax levy was recorded, $10,000, of which 3% will probably prove uncollectible.

3. Hired a new accountant at a salary of $45,000

4. The city ordered $200 in supplies.

5. The City Council revised the budget (see entry #1). Appropriations were reduced $3,000 and Estimated Revenues were reduced $2,000 (Appropriations for Expenditures Operating were reduced $1,000; property tax revenues were not affected).

6. Of the previous supplies order (Entry #4), 75% of the order was received. The actual cost of the goods received was $135. The amount due the vendor will be paid at a later date.

7. City employees were paid, $25.

8. The city ordered a new police car. The estimated cost is $21.

9. The city received the police car (see entry #8). The actual cost was $22. The vendor will be paid at a later date.

10. The city collected $50 for licenses.

11. The city paid $157 on account.

12. Record the entry at the end of the year to closeout your appropriations and estimated reveunes.