Selected transactions of the City of Miser Station General Fund for the 2020 fiscal year are presented below. Prepare the general ledger journal entries for the transactions in the General Fund only.

General instructions:

a. Dates and formal explanations may be omitted, but number your entries appropriately.

b. All interest rates are annual percentage rates (APRs).

c. You may use either a Word document or an Excel document to create your journal entries. Upload your file in Bb.

Transactions:

1. The City borrowed $500,000 from the Blount National Bank on a two-month, 6% note.

2. Ordered and received, on account, supplies costing $1,350. The City use the purchases method to account for supplies.

3. $10,000 from a terminated Capital Projects Fund (CPF) was received by the General Fund.

4. The City repaid the short-term note when due.

5. On December 31, salaries and wages of $5,000 had been incurred but not yet paid.

6. The county purchased a police vehicle for $32,000 and paid cash.

7. Received a bill from the Utility Enterprise Fund for electricity usage charged to General Fund departments and agencies, $3,000.

8. Issued $10 million bonds for $10,100,000 cash.

9. $2,000 of cash interest on investments was received.