Q7. point each x 1133 points, except for which is worth 5 points)) The town of Stow was Incorporated and began governmental operations on July 1, 2008. Sow's transactions and events for the fiscal year ended June 30, 2009, are listed below. Show uses the consumption method of accounting for purchases of supplies. Encumbrances do not lapse tyear cod Required: Prepare the journal entry(ies) required in the general find for each of the following transactions or events The town budget was approved, providing for revenues of $800,000, 500,000 tranfer to establish an Internal service fund (ISP), dexpenditures of $750,000 H b. Property taxes were levied in the amount of 5700,000, with 4 percent of the total estimated to be collectible c. Purchase orders were issued in the amount of $40,000 for equipmen, und 5635,000 for other poods and services d Collections for fires and licenses totaled 599,000 for the year e. Property taxes collected mounted to 5680,000, the balance was reclassified as delinquent, and the allowance for collectible aves was reduced to $15.000 f. The equipment ordered was received, and a voucher was issued for the final Invoice cost of $91.000