Journal entries: Provide the journal entries required for each of the transactions listed below. (25 points) 1. Budget entries-prepare journal entries and entries in subsidiary ledgers as needed. a. The following General Fund operating budget was approved for the Town of Kingston for the fiscal year beginning on July 1. Record the operating budget for the fiscal year. Estimated revenues: Property taxes Licenses and permits 2,850,000 525,000 400,000 325,000 b) Fines and forfeits State grants Appropriations: General government 850,000 Public safety 2,200,000 Public works 525,000 Culture and recreation 350,000 Miscellaneous 75,000 The following transactions occurred during the first month of the year. Prepare the appropriate journal entries. 1) Revenues were collected in cash amounting to $46,000 for licenses and permits. 2) Supplies were ordered by the following functions in early July at the estimated costs shown: General government Public safety 14,300 25,700 13,700 3) Public works During the month, supplies were received at the actual costs shown below and were paid in cash. General govemment Public safety Public works 14,300 25,500 13,800 c) Calculate and show in good form the amount of available appropriations in total and for each function at the end of the month.