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Following are several transactions that relate to Bultena Township for the fiscal year 2019 (assume a voucher system is used). Prepare all the journal entries necessary to record these transactions in the appropriate governmental-type fund(s), and identify the fund(s) used. Provide a description for each transaction in the orange box.
Fund Abbreviations				Fall 2019
	GF	General Fund
	CPF	Capital Project Fund
	DSF	Debt Service Fund
	EF	Enterprise fund

1.00	The General Fund operating budget was approved. It included estimated revenues of $1,500,000,
	estimated other financing sources of $300,000, appropriations of $1,150,000, and estimated other
	financing uses of $600,000.

2.00	The Police Department paid its salaries of $50,000.

3.00	The General Fund made a transfer to the Debt Service Fund of $100,000.

4.00	Office furniture previously ordered for $45,000 was received, and the bill was entered into the voucher system. Old furniture that cost $23,000 was sold for $500; the proceeds could be used in any manner by the city.

5.00	General obligation long-term debt principal matured (due), and the final interest payment became due. These amounts were $75,000 and $7,000, respectively were paid. Assume a Debt Service Fund and a fiscal agent are used.

6.00

The township decides to construct a new library, which it estimates will cost $3.5 million. The City will finance the library with a state construction grant; a general obligation bond issuances; and a transfer from the General Fund. Prepare journal entry to record the transfer from the General Fund of 500,000.

7.00	Bonds were issued for the new Library. The face value of the bonds are 3 million and they sold for 3,017,500. The bond documents states a debt service fund is required and any premium should be transferred to this fund.

8.00	Bids for the construction of the library project were received in the amount of $2,987,000

9.00	The contractor on the library project sent the first partial billing for $966,000. the contract states a 10% retainage is required.

Chart of Accounts \

Estimated other financing sources

Estimated other financing uses

Estimated revenues

Appropriations

Budgetary fund balance

Encumbrances

Budgetary fund balance reserved for encumbrances

Cash

Property taxes receivable

Allowance for uncollectible property taxes

Vouchers Payable

Retainage Payable

Revenuesproperty taxes

Expendituresbond principal

Expenditurescapital outlay

Expendituresinterest

Expendituressalaries

Expendituressupplies

Other financing sourceBond issue

Other financing sourceBond premium

Special Item sale of assets

Transfer in from Capital Project Fund

Transfer in from Enterprise Fund

Transfer in from General Fund

Transfer out to Capital Projects Fund

Transfer out to Debt Service Fund

Transfer out to General Fund

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