The following are several transactions that relate to Bultena Township for the fiscal year 2019 (assume a voucher system is used). Prepare all the journal entries necessary to record these transactions in the appropriate governmental-type fund(s), and identify the fund(s) used. Provide a description for each transaction in the orange box.

1. The General Fund operating budget was approved. It included estimated revenues of $1,500,000, estimated other financing sources of $300,000, appropriations of $1,150,000, financing uses of $600,000.

2. The Police Department paid its salaries of $50,000.

3. The General Fund made a transfer to the Debt Service Fund of $100,000.

4. Office furniture previously ordered for $45,000 was received, and the bill was entered into the voucher system. Old furniture that cost $23,000 was sold for $500; the proceeds could be used in any manner by the city.

5. General obligation long-term debt principal matured (due), and the final interest payment became due. These amounts were $75,000 and $7,500, respectively were paid. Assume a Debt Service Fund and a fiscal agent are used.

6. The township decides to construct a new library, which it estimates will cost $3.5 million. The City will finance the library with a state construction grant; general obligation bond issuance; and a transfer from the General Fund. Prepare a journal entry to record the transfer from the General Fund of 500,000.

7. Bonds were issued for the new Library. The face value of the bonds are 3 million and they sold for 3,017,500. The bond documents state a debt service fund is required and any premium should be transferred to this fund.

8. Bids for the construction of the library project were received in the amount of $2,987,000

9. The contractor on the library project sent the first partial billing for $966,000. the contract states a 10% retainage is required.

Fall 2019 Fund Abbreviations GF General Fund CPF Capital Project Fund DSF Debt Service Fund EF Enterprise fund The General Fund operating budget was approved. It included estimated revenues of $1,500,000, estimated other financing sources of $300,000, appropriations of $1,150,000, and estimated other financing uses of $600,000. Fund Accounts / Description Debit Credit Chart of Accounts Estimated other financing sources Estimated other financing uses Estimated revenues Appropriations Budgetary fund balance Encumbrances Budgetary fund balance reserved for encumbrances Cash Property taxes receivable Allowance for uncollectible property taxes Vouchers Payable Retainage Payable Revenues-property taxes Expenditures-bond principal Expenditures-capital outlay Expenditures-interest Expenditures-salaries Expenditures-supplies Other financing source-Bond issue Other financing source-Bond premium Other financing source-sale of assets Transfer in from Capital Project Fund Transfer in from Enterprise Fund Transfer in from General Fund Transfer out to Capital Projects Fund Transfer out to Debt Service Fund Transfer out to General Fund