Question:
1. For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The year is January 1-December 31, 2012.
a. The budget was formally adopted, providing for estimated revenues of $1,000,000 and appropriations of $980,000.
b. Revenues were received, all in cash, in the amount of $1,010,000.
c. Purchase orders were issued in the amount of $500,000.
d. Of the $500,000 in (c), purchase orders were filled in the amount of $490,000; the invoice amount was $480,000 (not yet paid).
e. Expenditures, not encumbered, amounted to $460,000 (not yet paid).
f. Amounts from (d) and ( e ) are paid in cash.