Part C: The Johnson City's legislative group 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 Prepare the journal entry (or entries), to record the Johnson City's General Fund operating budget on July 1, 2016, the beginning of the town's 2017 fiscal year Record the following transactions that occurred during the month of July 2016. 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 7,400 Public Safety Public Works Culture and 11,300 6,100 4,200 Recreation 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 CostEstimated Cos General 7,300 7,400 Government Public Safety Public Works Culture and 10,800 6,100 4,100 10,700 5,900 4,200 Recreation Miscellaneous 900 900 Total 29,200 29,100