Required: Prepare journal entries to record each transaction and identify the fund in which each entry is recorded.

1. The Kansas City Council passed a resolution approving a general operating budget of $6,700,000 for the fiscal year. Total revenues are estimated at $5,300,000.

2. Kansas City sold a general obligation term bond issue for $2,000,000 at 103 to a major brokerage firm. The stated interest rate is 8%. Construction of a new Municipal Courts Building will be financed by the bond issue proceeds.

3. The Kansas City Municipal Courts Building (2 above) is completed. Contracts and expenses total $2,190,000, and all have been paid and recorded in the Capital Projects Fund. Prepare entries to close this project and record the completion of the project in all other funds and/or account groups affected. Any balance in the Capital Projects Fund is to be applied to payment of interest and principal of the bond issue.

4. Proceeds amounting to $19,000 were received as a result of rental fees of the community center conference room.