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 $2,746,000 as follows: property taxes, $1,916,000; IIcenses and permits, $360,000; fines and forfeits, $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, 52,000 . Required 9. \& 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 entrles 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 Requlred" In the first account fleld.) 1. Revenues were collected in cash amounting to $33,000 for licenses and permits and $13,000 for fines and forfelts. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: 3. DurIng July, supplies were recelved at the actual costs shown below and were pald In cash. General Government, Culture and Recreation, and Miscellaneous recelved all supplies ordered. Public Safety and Public Works recelved part of the supplies ordered earlier in the month at estimated costs of $10,900 and $6,100, respectively. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ TOWN OF BEDFORD FALLS } \\ \hline \multicolumn{1}{|c|}{ Revenues Ledger } \\ \hline Taxes & EstRevenuesDr(Cr) & RevenuesCr(Dr) & BalanceDr(Cr) \\ \hline Budget & & & \\ \hline & & & \\ \hline & & & \\ \hline Licenses and Permits & & & \\ \hline Budget & & & \\ \hline Cash collected & & & \\ \hline & & & \\ \hline Fines and Forfeits & & & \\ \hline Budget & & & \\ \hline Cash collected & & & \\ \hline & & & \\ \hline Intergovernemental Revenues & & & \\ \hline Budget & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ TOWN OF BEDFORD FALLS } \\ \hline \multicolumn{8}{|c|}{ Appropriations, Expenditures, and Encumbrances Ledger } \\ \hline & \multicolumn{3}{|c|}{ Encumbrances } & \multicolumn{2}{|c|}{ Expenditures } & \multirow[b]{2}{*}{AppropriationsCr(Dr)} & \multirow[b]{2}{*}{BalanceCr(Dr)} \\ \hline Account/Description & Increase Dr & DecreaseCr & BalanceDr(Cr) & Dr(Cr) & BalanceDr(Cr) & & \\ \hline \multicolumn{8}{|l|}{ General Government } \\ \hline \multicolumn{8}{|l|}{ Appropriations } \\ \hline \multicolumn{8}{|l|}{ Order of Supplies } \\ \hline \multicolumn{8}{|l|}{ Supplies received } \\ \hline \multicolumn{8}{|l|}{ Public Safety } \\ \hline \multicolumn{8}{|l|}{ Appropriations } \\ \hline \multicolumn{8}{|l|}{ Order of Supplies } \\ \hline \multicolumn{8}{|l|}{ Supplies received } \\ \hline \multicolumn{8}{|l|}{ Public Works } \\ \hline \multicolumn{8}{|l|}{ Appropriations } \\ \hline \multicolumn{8}{|l|}{ Order of Supplies } \\ \hline \multicolumn{8}{|l|}{ Supplies received } \\ \hline \multicolumn{8}{|l|}{ Culture and Recreation } \\ \hline \multicolumn{8}{|l|}{\begin{tabular}{|l|} Appropriations \\ \end{tabular}} \\ \hline \multicolumn{8}{|l|}{ Order of Supplies } \\ \hline \multicolumn{8}{|l|}{ Supplies received } \\ \hline \multicolumn{8}{|l|}{ Miscellaneous } \\ \hline \multicolumn{8}{|l|}{ Appropriations } \\ \hline \multicolumn{8}{|l|}{ Order of Supplies } \\ \hline Supplies received & & & & & & & \\ \hline \end{tabular} c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31. (Input all amounts as positive values.) d. Calculate the amount of avallable appropriation In total and for each function as of July 31.(Input all amounts as positive values.)