5) Bounty County had the following transactions in 2011.
1.The budget for the county was approved, showing estimated revenues of $320,000 from local income taxes, and total estimated expenditures of $316,000.
2.Tax bills were mailed amounting to $326,000, which are due in 60 days. All but 2% was expected to be collectible.
3.Taxes collected prior to the due date amounted to $260,800. The balance was delinquent.
4.$4,200 of taxes due were determined to be uncollectible and written off.
5.The year-end books were closed, with the expectation that the remaining taxes due would be collected evenly over the first two months after the fiscal year end.
Prepare the journal entries for the General Fund for the transactions.