Record the appropriate journal entries for the following scenarios:

A. The Town of Drexel has the following financial transactions. Prepare the journal entries necessary for the preparation of fund financial statements. (NOTE: THE SAME QUESTION COULD BE ASKED FOR GOWERNMENT WIDE STATEMENTS).

1.	The town council adopts an annual budget for the general fund estimating general revenues of $1.7 million, approved expenditures of $1.5 million, and approved transfers out of $120,000.
2.	The town levies property taxes of $1.3 million. It expects to collect all but 3 percent of these taxes during the year. Of the levied amount, $40,000 will be collected next year but after more than 60 days.
3.	The town orders two new police cars at an approximate cost of $110,000.
4.	A transfer of $50,000 is made from the general fund to the debt service fund.
5.	The town pays a bond payable of $40,000 along with $10,000 of interest using the money previously set aside.
6.	The Town of Drexel issues a $2 million bond at face value in hopes of acquiring a building to convert into a high school.
7.	The two police cars are received with an invoice price of $112,000. The voucher has been approved but not yet paid.
8.	The town purchases the building for the high school for $2 million in cash and immediately begins renovating it.
9.	Depreciation on the new police cars is computed as $30,000 for the period.
10.	The town borrows $100,000 on a 30-day tax anticipation note.