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 Account Description Taxes Budget TOWN OF BEDFORD FALLS Licenses and Permits Budget Cash collected Fines and Forfeits Budget Cash collected Intergovernemental Revenues Budget Revenues Ledger Est Revenues Revenues Cr Dr (Cr) (Dr) Balance Dr (Cr) 0 0 0 0 0 0 Account/Description 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 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Increase Dr Decrease Balance Dr Cr (Cr) Dr (Cr) Balance Dr Appropriations (Cr) Cr (Dr) Balance Cr (Dr)