Question: Listed are transactions of the Town of Jackson 1 A

Listed are transactions of the Town of Jackson.
1. A budget consisting of estimated revenues of $1,950,000 and appropriations for expenditures of $1,800,000 was passed by the town council.
2. Property taxes of $1,150,000 were assessed; $1,115,000 are expected to be collectible.
3. Property taxes in the amount of $1,080,000 were collected.
4. Equipment costing $200,000 was purchased, and the old equipment was sold at the end of its estimated useful life for $24,000.
5. A contract was signed with an independent company to do the trash collecting for the year. The contract price was $96,000.
6. The first monthly bill of $8,000 was received from the trash collector.
7. The $8,000 bill was paid.

Prepare the journal entries needed in the records of the General Fund to account for these transactions.

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  • CreatedMarch 16, 2015
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