1. Record journal entries for the following transactions for FY 2015. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.

(1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re-established.

(2) The January 1, 2015, balance in Deferred Inflows Property Taxes relates to the amount of the 2014 levy that was expected to be collected more than 60 days after December 31. This amount should be recognized as 2015 revenues.

(3) A general tax levy in the amount of $6,800,000 was made. It is estimated that 2 percent of the tax will be uncollectible.

(4) Goods and supplies related to all encumbrances outstanding as of December 31, 2014 were received (see item 1 above), along with invoices amounting to $16,600; the invoices were approved for payment.

(5) All existing accounts payable balances and the amount due to other funds were paid.

(6) The General Fund collected the following ($ 10,811,500) in cash:

prior year taxes, $158,000;

interest and penalties receivable on prior year taxes, $3,500;

current taxes, $6,400,000;

$210,000 previously recorded as due from the state government;

licenses and permits, $800,000;

sales taxes, $2,890,000; and

miscellaneous revenues, $350,000.

(8) Purchase orders and contracts were issued in the amount of $3,465,000.

(9) Payroll for town employees within the General Fund totaled $5,070,000. The encumbrance system is not used for payrolls, and this amount was paid.

(10) Invoices for most of the supplies and services ordered in transaction 8 were received in the amount of $3,000,000 and the invoices in that amount were approved for payment. The remaining $465,000 remains encumbered.