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The town of Stow was incorporated and began governmental operations on July 1, 20X8. Stow's...

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Accounting

The town of Stow was incorporated and began governmental operations on July 1, 20X8. Stow's transactions and events for the fiscal year ended June 30, 20X9, are listed below. Stow uses the consumption method of accounting for purchases of supplies. Encumbrances do not lapse at year end.

Prepare the journal entries required in the general fund for each of the following transactions or events.

1, 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.

2. Property taxes were levied in the amount of $700,000, with 4 percent of the total estimated to be uncollectible.

3. Purchase orders were issued in the amount of $90,000 for equipment.

4. Property taxes collected amounted to $680,000; the balance was reclassified 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.

The Budget was closed

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