Can you explain why answers are the way they are, want to get a better understanding on why they are the way they are. Thank you!
A1. Record the Town of Bedford Fallss General Fund operating budget on July 1, 2016, the beginning of the towns 2017 fiscal year.
A2. Revenues were collected in cash amounting to $40,000 for licenses and permits and $16,500 for fines and forfeits.
A3. Record the issuance of the purchase orders and contracts
A4. Record the issuance of the purchase orders and contracts.
A5. Record the cash paid for expenses.
Part. B
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 $2,907,000 as follows: property taxes. $1,972,000: licenses and permits. $395,000: fines and forfeits, $295,000: and intergovernmental (state grants). $245,000. The budget approved appropriations of $2,848,000 as follows: General Government. $545,000: Public Safety $1.690.000; Public Works. $395,000: Culture and Recreation. $159.000: and Miscellaneous. $59.000. 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 $40.000 for licenses and permits and $16.500 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 $8,300 13,100 7,000 5,100 1,800 Total $35.300 $ 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 $11,600 and $6,800, respectively. General Government Public Safety Public Works Culture and Recreation Miscellaneous Actual Estimated Cost Cost $ 8,200 $ 8,300 11,700 11.600 7,000 6.800 5,000 5,100 1,800 1.800 Total $33.700 $ 33.600 Journal entry worksheet Revenues were collected in cash amounting to $40,000 for licenses and permits and $16,500 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 0 0 0 Licenses and Permits Budget Cash collected 0 0 Fines and Forfeits Budget Cash collected 0 0 Intergovernemental Revenues Budget 0 0 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Decrease Increase Dr Balance Dr Increase Dr Balance Dr Appropriations Balance Cr (Cr) (Cr) (Cr) (Cr) Cr (Dr) (Dr) 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 c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31, 2016. Budgeted Actual Unrealized Revenue S 0 0 Source Property Taxes Licenses and Permits Fines and Forfeits Intergovernmental Total 0 0 S S 0 S 0 d. Calculate the amount of available appropriation in total and for each function as of July 31, 2016 Appropriations Encumbrances Expenditures Available Appropriations General Government Public Safety Public Works Culture and Recreation Miscellaneous Total s 0 $ 0 $ 0 $ 0
