Part B

3-12. Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2017 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous $5,650,00o 4,830,000o 1500,oo0 500,000 General government $5360,000 Culture and recreation 4,210,000 Health and welfare 1,000,00o 3. Revenues received (cash) Page 80 Property taxes Sales taxes Licenses and permits Miscellaneous $5-485,00o 4,700,000 1,700,000 8o0,000 4. Encumbrances issued (includes salaries and other recurring items) General government Culture and recreation Health and welfare $5,275,000 4,630,000 905,000 5. Goods and services received (paid in cash General government Culture and recreation Health and welfare Estimated Actual $5,275,000 4,630,000 $5,296,000 4,610,000 905,000 890,000 6. Budget revisions General government Culture and recreation $140,000 110,000 7. Fund balance on January 1, 2017, was $753,000. There were no outstanding encumbrances at that date a. Record the transactions using appropriate journal entries. b. Prepare a budgetary comparison schedule for the General Fund. Problem 3-12 (B) CITY OF SPRINGFIELD BUDGETARY COMPARISON SCHEDULE GENERAL FUND YEAR ENDED DECEMBER 31, 2017 Variance With Final Budget Positive Actual Budgeted Amounts Amounts (Budgetary Basis) I Negativ ORIGINA INA Revenues Property Taxes Sales laxes Licenses and Permits Miscellaneous Total Revenues Expenditures and ncumbrances: General Government Culture and Recreation Health and Welfare lotal Expenditures and Encumbrances Excess (Deficiency) of Revenues Over Expenditures and Encumbrances - 229,000 Fund Balance, Beginning Fund Ralance Fnding