3 2.88 points eBook References Exercise 3-24 (Algo) Recording General Fund Operating Budget and Operating Transactions [LO 3-5] The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,930,000 as follows: property taxes, $1,980,000; licenses and permits, $400,000; fines and forfeits, $300,000; and intergovernmental (state grants), $250,000. The budget approved appropriations of $2,870,000 as follows: General Government, $550,000; Public Safety, $1,700,000; Public Works, $400,000; Culture and Recreation, $160,000; and Miscellaneous, $60,000. Required a. & b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's 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 $41,000 for licenses and permits and $17,000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 8,400 13,300 7,100 5,200 1,900 $35,900 3. During July, 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 $11,700 and $6,900, respectively. General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Actual Cost Estimated Cost $ 8,300 $ 8,400 11,800 11,700 7,100 6,900 5,100 5,200 1,900 1,900 $34,200 $34,100 c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31. (Input all amounts as positive values.) Source Property Taxes Licenses and Permits Fines and Forfeits Intergovernmental Total Budgeted Actual Unrealized Revenue $ 0 0 0 0 $ 0 0 $ 0 d. Calculate the amount of available appropriation in total and for each function as of July 31.(Input all amounts as positive values.) General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Appropriations Encumbrances Expenditures Available Appropriations 0 0 0 0