Transaction Fund General Journal Debit Credit 1. The village council adopted a budget for general operations for the fiscal year ending June 30, 20X3. Revenue was estimated at $400,000. Legal authorizations for budgeted expenditures totaled $394,000. 1 General Fund Record the entry for the budget adopted. Estimated revenues control Appropriations control Budgetary fund balance - unassigned 400,000 394,000 6,000 2. Property taxes of $390,000 were levied; 2 percent of this amount was estimated to be uncollectible. These taxes are available to finance current expenditures as of the date of levy. 2 General Fund Record the entry for property taxes. 2% is estimated to be uncollectible. Taxes receivable - current Allowance for uncollectibles - current Revenue-taxes 390,000 7,800 382,200 3. During the year, a village resident donated marketable securities valued at $50,000 to the village under the terms of a trust agreement that stipulated that the principal amount be kept intact. The use of revenue generated by the securities is restricted to financing college scholarships for needy students. Revenue earned and received on these marketable securities amounted to $5,500 through June 30, 20X3. 3 Private-Purpose Trust Fund Record the donations of marketable securities. Investments 50,000 50,000 Record the revenue earned on the marketable securities. 5,500 5,500