Use transaction analysis to determine the effects of each of

Use transaction analysis to determine the effects of each of the following transactions in the general fund.

1. Salaries paid totaled $30,000. Additional salaries incurred, but not paid, totaled $2,500.

2. Levied property taxes of $100,000; $98,000 was collected during the year. The balance is expected to be uncollectible.

3. Borrowed $60,000 by issuing a nine-month note bearing interest at 7%.

4. Repaid the note plus interest when due.

5. Borrowed $600,000 by issuing bonds at par. The bonds mature in 10 years.

6. Purchased equipment costing $25,000 with cash.

7. Sold equipment at the end of its expected useful life. The equipment had no expected residual value when acquired (at a cost of $13,000), but it sold for $1,200.

8. Determined that it is probable that a lawsuit involving a claim against a department will result in a settlement of at least $50,000. However, it is not expected that any payments will be required for two years or more.