For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The budget was formally adopted, providing for estimated revenues of $1,076,000 and appropriations of $1,006,000.
Revenues were received, all in cash, in the amount of $1,019,000.
Purchase orders were issued in the amount of $486,000.
Of the $486,000 in (c), purchase orders were filled in the amount of $479,500; the invoice amount was $478,000 (not yet paid).
Expenditures for payroll not encumbered amounted to $518,000 (not yet paid).
Amounts from (d) and (e) are paid in cash.