E3-22 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: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

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 $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	$	7,400
Public Safety		11,300
Public Works		6,100
Culture and Recreation		4,200
Miscellaneous		900
Total	$	29,900

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 $10,700 and $5,900, respectively.

	Actual Cost			Estimated Cost
General Government	$	7,300		$	7,400
Public Safety		10,800			10,700
Public Works		6,100			5,900
Culture and Recreation		4,100			4,200
Miscellaneous		900			900
Total	$	29,200		$	29,100

Record the Town of Bedford Fallss General Fund operating budget on July 1, 2016, the beginning of the towns 2017 fiscal year.

Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.

Record the issuance of the purchase orders and contracts.

Record the issuance of the purchase orders and contracts.

Record the cash paid for expenses.

Date	General Journal	Debit	Credit

TOWN OF BEDFORD FALLS

Revenues Ledger
Account Description	Est Revenues Dr (Cr)	Revenues Cr (Dr)	Balance Dr (Cr)
Taxes
Budget			0
			0
Licenses and Permits
Budget			0
Cash collected			0
Fines and Forfeits
Budget			0
Cash collected			0
Intergovernemental Revenues
Budget			0
			0

TOWN OF BEDFORD FALLS

Appropriations, Expenditures, and Encumbrances Ledger
	Encumbrances			Expenditures
Account/Description	Increase Dr	Decrease (Cr)	Balance Dr (Cr)	Increase Dr (Cr)	Balance Dr (Cr)	Appropriations Cr (Dr)	Balance Cr (Dr)
General Government
Appropriations
Order of Supplies					0
Supplies received
Public Safety
Appropriations
Order of Supplies					0
Supplies received
Public Works
Appropriations
Order of Supplies					0
Supplies received
Culture and Recreation
Appropriations
Order of Supplies					0
Supplies received
Miscellaneous
Appropriations
Order of Supplies					0
Supplies received

c.	Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31, 2016.

Source

	Budgeted	Actual	Unrealized Revenue
Property Taxes			$0
Licenses and Permits			0
Fines and Forfeits			0
Intergovernmental			0
Total	$0	$0	$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	$0	$0	$0	$0