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Can someone please help me with this? 3-22 Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund
Can someone please help me with this?
3-22 Recording General Fund Operating Budget and Operating Transactions. 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 $2,700,000 as follows: property taxes, $1.900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: Gen- eral Government, $500,000; Public Safety. $1.600,000: Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000. Required a. Prepare the journal entry (or entries), including subsidiary ledger 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 b. Prepare journ al entries to record the following transactions that occurred during the month of July 2016. 1. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July 2016 at the estimated costs shown: General Government Public Safety Public Works Culture and Recreation Miscellaneous S 7,400 11,300 6,100 4,200 900 Total Step by Step Solution
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