E3 22 Recording General Fund Operating Budget and Operating Transactions LO 3 1, 3 3, 3 4 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 $2,769,000 as follows property taxes, $1,924,000 licenses and permits, $365,000 fines and forfeits, $265,000 and intergovernmental (state grants), $215,000 The budget approved appropriations of $2,716,000 as follows General Government, $515,000 Public Safety, $1,630,000 Public Works, $365,000 Culture and Recreation, $153,000 and Miscellaneous, $53,000 Required a b Prepare the journal entry (or entries), to record the Town of Bedford Fallss General Fund operating budget on July 1, 2016, the beginning of the Towns 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 Fallss General Fund operating budget on July 1, 2016, the beginning of the Towns 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 $34,000 for licenses and permits and $13,500 for fines and forfeits 2 Supplies were ordered by the following functions in early July 2016 at the estimated costs shown General Government $ 7,700 Public Safety 11,900 Public Works 6,400 Culture and Recreation 4,500 Miscellaneous 1,200 Total $ 31,700 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 $11,000 and $6,200, respectively Actual Cost Estimated Cost General Government $ 7,600 $ 7,700 Public Safety 11,100 11,000 Public Works 6,400 6,200 Culture and Recreation 4,400 4,500 Miscellaneous 1,200 1,200 Total $ 30,700 $ 30,600

Question

E3 22 Recording General Fund Operating Budget and Operating Transactions  LO 3 1, 3 3, 3 4  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 $2,769,000 as follows  property taxes, $1,924,000  licenses and permits, $365,000  fines and forfeits, $265,000  and intergovernmental (state grants), $215,000  The budget approved appropriations of $2,716,000 as follows  General Government, $515,000  Public Safety, $1,630,000  Public Works, $365,000  Culture and Recreation, $153,000  and Miscellaneous, $53,000  Required a b  Prepare the journal entry (or entries), to record the Town of Bedford Fallss General Fund operating budget on July 1, 2016, the beginning of the Towns 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 Fallss General Fund operating budget on July 1, 2016, the beginning of the Towns 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 $34,000 for licenses and permits and $13,500 for fines and forfeits  2  Supplies were ordered by the following functions in early July 2016 at the estimated costs shown  General Government $ 7,700 Public Safety 11,900 Public Works 6,400 Culture and Recreation 4,500 Miscellaneous 1,200 Total $ 31,700 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 $11,000 and $6,200, respectively  Actual Cost Estimated Cost General Government $ 7,600 $ 7,700 Public Safety 11,100 11,000 Public Works 6,400 6,200 Culture and Recreation 4,400 4,500 Miscellaneous 1,200 1,200 Total $ 30,700 $ 30,600

Accepted Answer

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1.	Revenues were collected in cash amounting to $34,000 for licenses and permits and $13,500 for fines and forfeits.
2.	Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

Question

E3-22 Recording General Fund Operating Budget and Operating Transactions [LO 3-1, 3-3, 3-4] The Town of Bedford Falls approved a General Fund operating budget for

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General Government	$	7,700
Public Safety		11,900
Public Works		6,400
Culture and Recreation		4,500
Miscellaneous		1,200

Total	$	31,700

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 $11,000 and $6,200, respectively.

	Actual Cost		Estimated Cost
General Government	$	7,600	$	7,700
Public Safety		11,100		11,000
Public Works		6,400		6,200
Culture and Recreation		4,400		4,500
Miscellaneous		1,200		1,200

Total	$	30,700	$	30,600