Required b. Usinq the funds you identified in part a, prepare journal entries to properly record each transaction for the fiscal vear ended Required information Required information 5. The city's utility fund billed the city's General Fund $125,000 for water and sewage services. As of December 31 , the General Fund had paid $124,000 of the amount billed. 4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city Required information 6. The central duplicating fund purchased $4,500 in supplies. \begin{tabular}{|c|c|c|c|} \hline 6a & Internal service fund & Record the $4,500 purchase of supplies in the internal service fund. \\ \hline & & & \\ \hline & \begin{tabular}{c} Governmental \\ Activity \end{tabular} & Record the $4,500 purchase of supplies in the Governmental Activities general ledger. \\ \hline & & & \\ \hline & & \\ \hline \end{tabular} 7. Cash collections recorded by the general government function during the year were as follows: property taxes, $1,925,000; licenses and permits, $35,000; user charges, $28,000. \begin{tabular}{|c|c|l|} \hline 7a & General Fund & \begin{tabular}{l} Record the cash collections of $1,925,000 for property taxes; $35,000 for licenses and permits; $28,000 for user \\ charges in the general fund. \end{tabular} \\ \hline & \begin{tabular}{c} Governmental \\ Activity \end{tabular} & \begin{tabular}{l} Record the cash collections of $1,925,000 for property taxes; $35,000 for licenses and permits; $28,000 for user \\ charges in the Governmental Activities general ledger. \end{tabular} \\ \hline 7b & & \\ \hline & & \\ \hline \end{tabular} 8. During the year, the internal service fund billed the city's general government function $15,700 for duplicating services and it billed the city's utility fund $8,100 for services. \begin{tabular}{|c|c|c|} \hline 8a & Internal service fund & Record the $15,700 duplicating services and $8,100 services billed by the internal service fund. \\ \hline & & 7 \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Exercise 9-20 (Static) Comprehensive Set of Transactions [LO 9-4] [The following information applies to the questions displayed below.] The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. 1. The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000. 2. Property taxes in the amount of $1,940,000 were levied. It is estimated that $9,000 of the taxes levied will be uncollectible. 3. A General Fund transfer of $25,000 in cash and $300,000 in equipment (with accumulated depreciation of $65,000 ) was made to establish a central duplicating internal service fund. 4. A citizen of Lynnwood donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after-school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31 was $40,000. 5. The city's utility fund billed the city's General Fund $125,000 for water and sewage services. As of December 31 , the General Fund had paid $124,000 of the amount billed. 6. The central duplicating fund purchased $4,500 in supplies. 7. Cash collections recorded by the general government function during the year were as follows: 8. During the year, the internal service fund billed the city's general government function $15,700 for duplicating services and it billed the city's utility fund $8,100 for services. 9. The city council decided to build a city hall at an estimated cost of $5,000,000. To finance the construction, 6 percent bonds were sold at the face value of $5,000,000. A contract for $4,500,000 has been signed for the project; however, no expenditures have been incurred as of December 31. 10. The general government function issued a purchase order for $32,000 for computer equipment. When the equipment was received, a voucher for $31,900 was approved for payment and payment was made