Prepare journal entries to record the following transactions and events applicable to the calendar year 2013 operations of Lily City:
1. The approved budget for the year follows:
Estimated Revenues
Property tax revenues....... $ 600,000
Licenses and fees ....... 30,000
Public safety salaries....... $ 550,000
Public safety, other expenditures.. 90,000
2. Property taxes of $ 600,000 were levied, and bills totaling that amount were mailed at the beginning of the year. During the year, $ 590,000 of property taxes were collected. Licenses and fees collected amounted to $ 28,000.
3. Salaries paid during the year amounted to $ 580,000; police officers earned an additional $ 12,000 during December that will be paid in January.
4. Purchase orders for supplies were placed in the amount of $ 60,000. The entire amount ordered was received during the year, together with invoices totaling $ 56,000. The invoices were approved for payment.

  • CreatedDecember 30, 2014
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