Reference no: EM131749374

Goodwill County had the following transactions for their General Fund in the firstmonth of their fiscal 2014 year, which ends June 30, 2014.1. The budget was approved, with $1,200,000 expected from property taxes, andanother $5,000,000 expected from sales taxes. The budget showed these funds wereexpected to be spent on Salaries and Wages, $3,100,000; Utilities, $1,800,000; Rent,$900,000; and Supplies, $200,000.2. Supplies were ordered in the amount of $33,000.3. The electric bill was paid upon receipt in the amount of $75,000.4. Property taxes were billed in the amount of $1,200,000, due on December 31. Baddebts are estimated at 1% of receivables.5. Supplies were received, but the invoice amount was $35,000 and will be paid in 35days. Supplies are used quickly and are not inventoried.6. Property tax payments were received amounting to $100,000.7. Payment was received from merchants for sales tax collections amounting to$400,000. Required: Prepare the journal entries for the General Fund that would be required for these transactions.