Prepare journal entries to record the following transactions and events for Tropical Township's General Fund for the year 2020.
a. The township adopted a budget calling for appropriations of $360,000. Estimated revenues (all property taxes) were 340,000.
b. The township sent property tax bills amounting to $340,000 to property owners. All taxes are expected to be collected during the fiscal year.
c. Property owners paid $335,000 of taxes to the township.
d. A purchase order of $25,000 was sent to a supplier.
e. The supplies ordered in d., above, were received in good order and the accompanying invoice of $24,000 was approved but not yet paid.

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The Answer of Prepare journal entries to record the following transactions and events for Tropical Township's General Fund for the year 2020.
a. The township adopted a budget calling for appropriations of $360,000. Estimated revenues (all property taxes) were 340,000.
b. The township sent property tax bills amounting to $340,000 to property owners. All taxes are expected to be collected during the fiscal year.
c. Property owners paid $335,000 of taxes to the township.
d. A purchase order of $25,000 was sent to a supplier.
e. The supplies ordered in d., above, were received in good order and the accompanying invoice of $24,000 was approved but not yet paid.

Prepare Journal Entries to Record the Following Transactions and Events