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Indicate which of the following transactions require entries to accounts used only for budgetary control purposes, even if other accounts also are involved. Prepare the general journal entries required. Assuming a beginning total fund balance of $1,000,000, what would the total fund balance be after taking into consideration the effects of these transactions?
Adopted the budget—estimated revenues of $5,000,000 and appropriations of $4,900,000.
Levied property taxes of $3,500,000. One percent has been uncollectible historically.
Paid salaries of $2,700,000.
Hired a new director of public works at an agreed salary of $60,000.
Ordered materials and supplies expected to cost $103,000.
Amended the appropriation for public works to increase it by $10,000.
Received half of the materials and supplies order at an actual cost of $51,500.
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