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Transactions of the General Fund of the City of Logan for the year ended December 31, 2029 are summarized as follows:

1. The City Council adopted a budget for the year with estimated revenue of $720,000 and appropriations of $710,000.

2. Property taxes in the amount of $534,000 were levied for the current year. It is estimated that $30,000 of the taxes levied will prove to be uncollectible.

3. Proceeds from the sale of equipment in the amount of $42,000 were received by the General Fund. The equipment was purchased four years ago with resources of the General Fund at a cost of $200,000. On the date it was purchased, it was estimated that the equipment had a useful life of six years.

4. Licenses and fees in the amount of $93,000 were collected.

5. The total amount of encumbrances against fund resources for the year was $587,000.

6. Vouchers in the amount of $467,000 were authorized for payment. This was $12,000 less than the amount originally encumbered for these purchases.

7. Property taxes in the amount of $425,000 were collected.

8. Vouchers in the amount of $385,000 were paid.

9. Forty-one thousand dollars was transferred to the General Fund from the Trust Fund.

10. The City Council authorized the write-off of $15,000 in uncollected property taxes.

Required:

Prepare journal entries to record the above transactions.

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