Question: Prepare the entries to record the following general fund transactions

Prepare the entries to record the following general fund transactions for the village of Del Valley for the year ended September 30, 2018:
a. Revenues are estimated at $520,000; expenditures are estimated at $515,000.
b. A tax levy is set at $378,788, of which 1% will likely be uncollectible.
c. Purchase orders amounting to $240,000 are authorized.
d. Tax receipts total $280,000.
e. Invoices totaling $225,000 are received and vouchered for orders originally estimated at $223,000.
f. Salaries amounting to $135,000 are approved for payment.
g. A state grant-in-aid of $100,000 is received.
h. Fines and penalties of $10,000 are collected.
i. Property for a village park is purchased, costing $120,000. No encumbrance had been made for this item.
j. Additional recreational property valued at $88,000 is donated.
k. Amounts of $12,000 due to other village funds are approved for payment.
l. The village’s share of sales tax due from the state is$30,000.Payment will be received in 30days.
m. Vouchers totaling $175,000 are paid.
n. Accounts are closed at year-end.



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  • CreatedApril 13, 2015
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