The following activities and transactions are typical of those that may affect the various funds used by a typical municipal government.
Required:
Prepare journal entries to record each transaction and identify the fund in which each entry is recorded.
A. The Greenville City Council passed a resolution approving a general operating budget
of $5,000,000 for the fiscal year 2012. Total revenues are estimated at $4,900,000.
B. The Greenville City Council Passed an ordinance providing a property tax levy of $6.25 per $100 of assessed valuation for the fiscal year 2012. Total property valuation in Greenville City is $204,800,000. Property is assessed at 25% of current property valuation.