- The Town has two revenue sources, property taxes and charges for service; and two programs, administration and public safety. The Town's fiscal year 20XX is as follows:

The Town

General Fund

Operating Budget

Fiscal Year 20XX

Estimated Revenues

Property taxes $2,500,000

Charges for services350,000$2,850,000

Appropriations

Administration$550,000

Public safety1,800,0002,350,000

Budgeted Increase in Fund Balance$500,000

Operating transactions during the year consist of the following:

1.Placed orders for materials and supplies for:

Administration 220,000

Public safety1,700,000

2.Collected revenues of:

Property taxes 2,300,000

Charges for services 675,500

3.Received items on order for:

Administration 220,000

Public safety550,000

4.Paid cash for items received for:

Administration 205,000

Public safety110,000

5.Received items on order for:

Administration 125,000

Public safety--

6.Paid cash for items received for:

Administration 115,000

Public safety--

7.Collected revenues of:

Property taxes--

Charges for services 65,000

Required:Prepare the general journal entries necessary to record the budget and operating transactions 1- 7.