Reference no: EM131701576

Question: (Journal entries to record miscellaneous transactions and events) Prepare journal entries to record the following transactions and events applicable to the calendar year 2013 operations of Lily City:

1. The approved budget for the year follows:

Estimated Revenues Property tax revenues           $600,000

Licenses and fees                                               30,000

Appropriations Public safety salaries                    $550,000

Public safety, other expenditures                           90,000

2. Property taxes of $600,000 were levied, and bills totaling that amount were mailed at the beginning of the year. During the year, $590,000 of property taxes were collected. Licenses and fees collected amounted to $28,000.

3. Salaries paid during the year amounted to $580,000; police officers earned an additional $12,000 during December that will be paid in January.

4. Purchase orders for supplies were placed in the amount of $60,000. The entire amount ordered was received during the year, together with invoices totaling $56,000. The invoices were approved for payment.