Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journal Ledger- What is highlighted in red in the ledger is what i have wrong. Can you assist? The Town of Bedford Falls approved a
Journal Ledger- What is highlighted in red in the ledger is what i have wrong. Can you assist?
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 $2,769,000 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 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 entries 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 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 at the estimated costs shown: General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 7,700 11,900 6,400 4,500 1,200 $31,700 3. During July, 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. No Event Credit Debit 2,769,000 General Journal Estimated Revenues Budgetary Fund Balance Appropriations Appropriations No Journal Entry Required No Journal Entry Required 53,000 2,716,000 (1) 31,700 31,700 X 30,600 X Encumbrances Encumbrances Outstanding Encumbrances Outstanding Encumbrances Expenditures Cash 30,600 X 30,700 X 30,700 X b(2) Estimated Revenues Budgetary Fund Balance Cash Budgetary Fund Balance 194,000 > 365,000 331,000 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 $2,769,000 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 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 entries 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 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 at the estimated costs shown: General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 7,700 11,900 6,400 4,500 1,200 $31,700 3. During July, 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. No Event Credit Debit 2,769,000 General Journal Estimated Revenues Budgetary Fund Balance Appropriations Appropriations No Journal Entry Required No Journal Entry Required 53,000 2,716,000 (1) 31,700 31,700 X 30,600 X Encumbrances Encumbrances Outstanding Encumbrances Outstanding Encumbrances Expenditures Cash 30,600 X 30,700 X 30,700 X b(2) Estimated Revenues Budgetary Fund Balance Cash Budgetary Fund Balance 194,000 > 365,000 331,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started