1)Record the Town of Bedford Fallss General Fund operating budget on July 1, 2016, the beginning of the towns 2017 fiscal year.

2)Revenues were collected in cash amounting to $48,000 for licenses and permits and $20,500 for fines and forfeits.

3)Record the issuance of the purchase orders and contracts.

4)Record the issuance of the purchase orders and contracts.

5)Record the cash paid for expenses.

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30 2017. The budget provides for estimated revenues of $2,539,000 as follows: property taxes, $1,844,000 licenses and permits, $315,000; fines and forfeits, $215,000; and intergovernmental (state grants) $165,000. The budget approved appropriations of $2,496,000 as follows: General Government, $465,000 Public Safety, $1,530,000; Public Works, $315,000; Culture and Recreation, $143,000; and Miscellaneous $43,000 Required a&b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year and also record the following transactions that occurred during the month of July 2016. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Revenues were collected in cash amounting to $48,000 for licenses and permits and $20,500 for fines and forfeits Supplies were ordered by the following functions in early July 2016 at the estimated costs shown: 2. General Government Public Safety Public Works Culture and Recreation Miscellaneous $ 9,100 14,700 7,800 5.900 2,600 Total $40,100 3. During July 2016, supplies were received at the actual costs shown below and were paid in cash General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $12,400 and $7,600, respectively Actual Estimated Cost Cost General Government Public Safety Public Works Culture and Recreation Miscellaneous $ 9,000 $ 9.100 12.500 12.400 7.800 7,600 5.800 5.900 2,600 2,600 Total $37,700 $37,600 View transaction list Journal entry worksheet 2 4 Revenues were collected in cash amounting to $48,000 for licenses and permits and $20,500 for fines and forfeits Note: Enter debits before credits. Date General Journal Debit Credit 2017 Record entry Clear entry View general journal TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Dr Revenues Balance Dr Account Description (Cr) Cr (Dr) (Cr) Taxes Budget Licenses and Permits Cash collected Fines and Forfeits Cash collected Intergovernemental Revenues Budget TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Decrease Balance Dr Increase Dr Balance Dr Appropriations Balance Cr Account/Description (Cr) (Cr) (Cr) (Cr) Cr (Dr) (Dr) General Government Appropriations Order of Supplies Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30 2017. The budget provides for estimated revenues of $2,539,000 as follows: property taxes, $1,844,000 licenses and permits, $315,000; fines and forfeits, $215,000; and intergovernmental (state grants) $165,000. The budget approved appropriations of $2,496,000 as follows: General Government, $465,000 Public Safety, $1,530,000; Public Works, $315,000; Culture and Recreation, $143,000; and Miscellaneous $43,000 Required a&b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year and also record the following transactions that occurred during the month of July 2016. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Revenues were collected in cash amounting to $48,000 for licenses and permits and $20,500 for fines and forfeits Supplies were ordered by the following functions in early July 2016 at the estimated costs shown: 2. General Government Public Safety Public Works Culture and Recreation Miscellaneous $ 9,100 14,700 7,800 5.900 2,600 Total $40,100 3. During July 2016, supplies were received at the actual costs shown below and were paid in cash General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $12,400 and $7,600, respectively Actual Estimated Cost Cost General Government Public Safety Public Works Culture and Recreation Miscellaneous $ 9,000 $ 9.100 12.500 12.400 7.800 7,600 5.800 5.900 2,600 2,600 Total $37,700 $37,600 View transaction list Journal entry worksheet 2 4 Revenues were collected in cash amounting to $48,000 for licenses and permits and $20,500 for fines and forfeits Note: Enter debits before credits. Date General Journal Debit Credit 2017 Record entry Clear entry View general journal TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Dr Revenues Balance Dr Account Description (Cr) Cr (Dr) (Cr) Taxes Budget Licenses and Permits Cash collected Fines and Forfeits Cash collected Intergovernemental Revenues Budget TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Decrease Balance Dr Increase Dr Balance Dr Appropriations Balance Cr Account/Description (Cr) (Cr) (Cr) (Cr) Cr (Dr) (Dr) General Government Appropriations Order of Supplies Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received