Winter County Enacted a Law Establishing a Highway Special Revenue

Short Answer

Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The fund expenditures were to be financed by a special gasoline tax. Prepare journal entries to record the following transactions for the calendar year 2020. Also, prepare a preclosing trial balance as of December 31,2020.
a. Winter County adopted the following budget for the fund:
$\begin{array}{lr}\text { Estimated revenues\_gasoline taxes } & 855,000 \\\text { Appropriations-maintenance salaries } & 745,000 \\\text { Appropriations-maintenance supplies } & 90,000 \\\text { Budgeted increase in fund balance } & 20,000\end{array}$
b. The county collected gasoline taxes of $825,000.
c. The county paid maintenance salaries of $730,000.
d. The county placed purchase orders for maintenance supplies totaling $65,000.
e. The supplies ordered in d., above, were received and accepted. Because the purchase orders allowed for additional quantities to be shipped, the invoices totaled $68,000.
f. Because of the shortfall in gasoline tax collections, the county reduced estimated revenues by $30,000. It also ordered a halt to all purchases of maintenance supplies and reduced the appropriation for maintenance supplies by $20,000.
g. Unpaid salaries for the last few days in December (to be paid in January 2021) totaled $14,000.