Examine the following 2011 transactions for Dwelling Township's General Fund. On July 1, 2011, the city...

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Examine the following 2011 transactions for Dwelling Township's General Fund. On July 1, 2011, the city council approves the budget for the General Fund. Included in this budget is $4,900,000 in anticipated property taxes, $32,000,000 in anticipated sales tax revenues, $3,000,000 for utilities, $12,000,000 for salaries and wages, $1,400,000 for rent, 5,600,000 for administrative expenses, and $14,900,000 for capital improvements. b. On July 5, the purchasing office orders $42,000 of office supplies. a. C. d. e. On July 15, the office supplies ordered on July 7 arrive. The bill is for $43,700 and it is due in 30 days. The supplies are not considered assets, but are treated just the same as utilities. On July 20, property tax bills totaling $5,200,000 are mailed to city residents. On July 25, $78,000 in property tax payments are received by the city tax assessor's office. h. On July 30, the city receives a payment from the state revenue office for June's sales taxes collections. The check is for $3,400,000. f. On July 7, a cash transfer of $300,000 is made to the Public School Superintendent's office for a new roof on the town high school. The project will begin on August 1. 8. On July 12, $600,000 of computer equipment is purchased with payment due in 30 days. The computers will have an estimated useful life of 3 years. Required: Assume you are going to prepare fund-based financial statements. Prepare all the journal entries for the above transactions and events. Examine the following 2011 transactions for Dwelling Township's General Fund. On July 1, 2011, the city council approves the budget for the General Fund. Included in this budget is $4,900,000 in anticipated property taxes, $32,000,000 in anticipated sales tax revenues, $3,000,000 for utilities, $12,000,000 for salaries and wages, $1,400,000 for rent, 5,600,000 for administrative expenses, and $14,900,000 for capital improvements. b. On July 5, the purchasing office orders $42,000 of office supplies. a. C. d. e. On July 15, the office supplies ordered on July 7 arrive. The bill is for $43,700 and it is due in 30 days. The supplies are not considered assets, but are treated just the same as utilities. On July 20, property tax bills totaling $5,200,000 are mailed to city residents. On July 25, $78,000 in property tax payments are received by the city tax assessor's office. h. On July 30, the city receives a payment from the state revenue office for June's sales taxes collections. The check is for $3,400,000. f. On July 7, a cash transfer of $300,000 is made to the Public School Superintendent's office for a new roof on the town high school. The project will begin on August 1. 8. On July 12, $600,000 of computer equipment is purchased with payment due in 30 days. The computers will have an estimated useful life of 3 years. Required: Assume you are going to prepare fund-based financial statements. Prepare all the journal entries for the above transactions and events.

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To prepare the journal entries for the given transactions and events in Dwelling Townships General F... View the full answer