Q3. The following are the events and transactions related with a township for the year 2015. You are Required To Prepare necessary entries for Township for the year 2015 ?.                     

            a.  The Township adopted a budget calling for appropriations of $500,000. The estimated revenues (all property taxes) were $450,000.

                 b.  The Township sent property tax bills amounting to $450,000 to property owners.

                 c.  Property owners paid $420,000 of property taxes to the Township.

                 d.  A purchase order of $65,500 was sent to a vendor of supplies.

                 e.  The supplies ordered in transaction d. were received in good order and the accompanying invoice of $55,000 was approved.