Prepare the selectedjournal entries to record the following transactions for Cosmotown for 2020. The town records encumbrances only for its Supplies appropriation. Record description after each transaction in this color field Scoring - .8 per line .4 for Cosmotown adopted the following budget for the year: account, .4 for number $ Estimated revenues and other sources: Property taxes Licenses and fees Total 275,000 35,000 310,000 $ Appropriations: General government-salaries General government-supplies General government-Interest Totals 255,000 40,000 1,500 296,500 Accounts / Description Debit Credit 0.8 0.8 0.8 0.8 0.8 0.8 2 Property tax bills amounting to $275,000 were sent to property owners. Assume 1% is uncollectible Accounts / Description Debit Credit 0.8 0.8 3 Because property taxes were not due to be received for several months and the town needed cash to finance its activities. Cosmotown borrowed $100,000 from a local bank, using tax anticipation notes. Accounts / Description Debit Credit 0.8 0.8 4 Cosmotown paid salaries in the amount of $75,000 Accounts / Description Debit Credit 0.8 0.8 5 The town sent out two purchase orders for supplies: purchase order A for $6,000 and purchase order B for $5,000. Accounts / Description Debit Credit 0.8 0.8 6 The town received $255,000 from property owners in payment of property taxes. Accounts / Description Debit Credit 0.8 0.8 Cosmotown repaid the bank on its borrowing in transaction 3. The amount paid was $101,000, which included interest of $1,000. Accounts / Description Debit Credit 0.8 0.8 0.8 | 8 The town collected $15,000 for fishing licenses. Accounts / Description Debit Credit 0.8 0.8 The town received the supplies ordered on purchase order A in transaction 5. The supplies arrived in good condition and the invoice for $6,100 was recorded. Accounts / Description Debit Credit 9a 0.8 0.8 Accounts / Description Debit Credit 9b 0.8 0.8 Accounts / Description Debit Credit 10 0.8 0.8 Property taxes are now considered delinquent. Reclass the remaining balance in Property taxes 11 receivable and the amount in Allowance for uncollectible taxes. Do this in two separate entries. 11a Accounts / Description Debit Credit 0.8 0.8 11b Accounts / Description Debit Credit 0.8 0.8 24.8 Chart of Accounts Estimated revenues-property taxes Estimated revenues-licenses and fees Appropriations-salaries Appropriations-supplies Budgetary fund balance Encumbrances Budgetary fund balance reserved for encumbrances Cash Property taxes receivable Allowance for uncollectible taxes Property taxes receivable - Delinquent Chart of Accounts Estimated revenues-property taxes Appropriations-salaries Appropriations-supplies Appropriations-interest Budgetary fund balance Encumbrances Budgetary fund balance reserved for encumbrances Cash Property taxes receivable Allowance for uncollectible taxes Property taxes receivable - Delinquent Allowance for uncollectible delinquent taxes Vouchers payable Tax anticipation notes payable Fund balance (unassigned) Revenues-property taxes Revenues-licenses and fees Expenditures-salaries Expenditures-supplies Expenditures-debt service Prepare the selectedjournal entries to record the following transactions for Cosmotown for 2020. The town records encumbrances only for its Supplies appropriation. Record description after each transaction in this color field Scoring - .8 per line .4 for Cosmotown adopted the following budget for the year: account, .4 for number $ Estimated revenues and other sources: Property taxes Licenses and fees Total 275,000 35,000 310,000 $ Appropriations: General government-salaries General government-supplies General government-Interest Totals 255,000 40,000 1,500 296,500 Accounts / Description Debit Credit 0.8 0.8 0.8 0.8 0.8 0.8 2 Property tax bills amounting to $275,000 were sent to property owners. Assume 1% is uncollectible Accounts / Description Debit Credit 0.8 0.8 3 Because property taxes were not due to be received for several months and the town needed cash to finance its activities. Cosmotown borrowed $100,000 from a local bank, using tax anticipation notes. Accounts / Description Debit Credit 0.8 0.8 4 Cosmotown paid salaries in the amount of $75,000 Accounts / Description Debit Credit 0.8 0.8 5 The town sent out two purchase orders for supplies: purchase order A for $6,000 and purchase order B for $5,000. Accounts / Description Debit Credit 0.8 0.8 6 The town received $255,000 from property owners in payment of property taxes. Accounts / Description Debit Credit 0.8 0.8 Cosmotown repaid the bank on its borrowing in transaction 3. The amount paid was $101,000, which included interest of $1,000. Accounts / Description Debit Credit 0.8 0.8 0.8 | 8 The town collected $15,000 for fishing licenses. Accounts / Description Debit Credit 0.8 0.8 The town received the supplies ordered on purchase order A in transaction 5. The supplies arrived in good condition and the invoice for $6,100 was recorded. Accounts / Description Debit Credit 9a 0.8 0.8 Accounts / Description Debit Credit 9b 0.8 0.8 Accounts / Description Debit Credit 10 0.8 0.8 Property taxes are now considered delinquent. Reclass the remaining balance in Property taxes 11 receivable and the amount in Allowance for uncollectible taxes. Do this in two separate entries. 11a Accounts / Description Debit Credit 0.8 0.8 11b Accounts / Description Debit Credit 0.8 0.8 24.8 Chart of Accounts Estimated revenues-property taxes Estimated revenues-licenses and fees Appropriations-salaries Appropriations-supplies Budgetary fund balance Encumbrances Budgetary fund balance reserved for encumbrances Cash Property taxes receivable Allowance for uncollectible taxes Property taxes receivable - Delinquent Chart of Accounts Estimated revenues-property taxes Appropriations-salaries Appropriations-supplies Appropriations-interest Budgetary fund balance Encumbrances Budgetary fund balance reserved for encumbrances Cash Property taxes receivable Allowance for uncollectible taxes Property taxes receivable - Delinquent Allowance for uncollectible delinquent taxes Vouchers payable Tax anticipation notes payable Fund balance (unassigned) Revenues-property taxes Revenues-licenses and fees Expenditures-salaries Expenditures-supplies Expenditures-debt service