Problem 1 Chapter 3 and Chapter 4 Journal Entries. In the space provided below, write or type the appropriate general ledger journal entries for the General Fund for transactions that occurred during the fiscal year ending December 31, 2021. Do not worry about entries to subsidiary ledgers or in Governmental Activities.

1. The City Council for Soul City adopted a General Fund budget for the year ending December 31, 2021, providing for estimated revenues of $5,900,000, estimated transfers to another fund of $500,000 that will not be repaid, estimated proceeds from a planned bond issuance of $1,500,000, and approved expenditures of $7,200,000. Record the appropriate journal entry for Soul Citys approved budget on January 1, 2021 in the General Fund.