The following transactions occurred in the City during the current fiscal year.

1. The City Council passed a resolution approving a general operating budget of $6,200,000 for the fiscal year. Total revenues are estimated at $5,500,000.

2. The City Council passed an ordinance providing a property tax levy of $1.50 per $100 of assessed valuation for the fiscal year. Total property valuation in Jackson City is $800,000,000. Property is assessed at 50% of current property valuation. Property tax bills are mailed to property owners. An estimated 3% will be uncollectible.

3. The City sold a general obligation term bond issue for $1,600,000 at 102 to a major brokerage firm. The stated interest rate is 10%. Construction of a new Municipal Courts Building will be financed by the bond issue proceeds.

4. The premium on bond sale in (3) above is transferred to the Debt Service Fund.

5. At the end of fiscal year, the City Council approves the write-off of $65,000 of uncollected taxes because of inability to locate the property owners.

6. The City Municipal Courts Building (3 above) is completed. Contracts and expenses total $1,600,000, and all have been paid and recorded in the Capital Projects Fund.

7. A Central Computing Center was established by a contribution of $200,000 from the General Fund and a long-term loan of $250,000 from the City Water Fund.

8. The Central Computing Center billed the General Fund $30,000 for services provided.

Required: Prepare the necessary journal entries to record the transactions. Identify the fund or account group in which the above events would be recorded.

			Amounts
Transaction #	Fund/Account Group	Account Title	Debit	Credit