Q7.5 point each x 11-33 points, except for which is worth 5 points)) The town of Stow was incorporated and began governmental operations on July 1, 2008. Stow's transactions and events for the fiscal year ended June 30, 2009, are listed below, Stow uses the consumption method of accounting for purchases of supplies. Encumbrances do not lapse at year end. Required: Prepare the journal entry(ies) required in the general fund for each of the following transactions or events, a. The town budget was approved, providing for revenues of $800,000, a $40,000 transfer to establish an internal service fund (ISF), and expenditures of $750,000. b. Property taxes were levied in the amount of $700,000, with 4 percent of the total estimated to be uncollectible c. Purchase orders were issued in the amount of $90,000 for equipment, and $635,000 for other goods and services d. Collections for fines and licenses totaled 599,000 for the year c. Property taxes collected amounted to 5680,000; the balance was teclassified as delinquent, and the allowance for uncollectible taxes was reduced to $15,000 The equipment ordered was received, and a voucher was issued for the final invoice cost of $91.000