***PLEASE ANSWER BOTH QUESTIONS***

1. During the month of July, the Town of Lynton recorded the following information related to purchases:

	Amount of Purchase Order				Actual Cost
General government	$	559,000			$	499,000
Public safety		744,200				729,013
Public works		963,845				472,480
Culture and recreation		63,270				63,320
Total purchase orders and invoices	$	2,330,315			$	1,763,813

At the end of the month, several purchase orders remained outstanding for all functions except Culture and Recreation. Public Works in particular had a large amount of purchase orders outstanding because it had put in an order for delivery of paving materials to be delivered over the months of July and August. For all but Culture and Recreation, consider the amounts for purchase orders received the same as the actual cost of the items.

Required

1. (1) Prepare the general journal entry to record the issuance of the purchase orders. (2) Show entries in subsidiary ledger accounts.
2. (1) Prepare the general journal entries to record the receipt of the goods ordered at the actual cost shown and the related payable. (2) Show entries for the subsidiary ledger accounts.

2. 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 $2,562,000 as follows: property taxes, $1,852,000; licenses and permits, $320,000; fines and forfeits, $220,000; and intergovernmental (state grants), $170,000. The budget approved appropriations of $2,518,000 as follows: General Government, $470,000; Public Safety, $1,540,000; Public Works, $320,000; Culture and Recreation, $144,000; and Miscellaneous, $44,000.

Required

1. a. & b. Prepare the journal entry (or entries), to record the Town of Bedford Fallss General Fund operating budget on July 1, the beginning of the Towns 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 Fallss General Fund operating budget on July 1, the beginning of the Towns 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 $47,000 for licenses and permits and $20,000 for fines and forfeits.
2. Supplies were ordered by the following functions in early July at the estimated costs shown:

General Government	$	9,000
Public Safety		14,500
Public Works		7,700
Culture and Recreation		5,800
Miscellaneous		2,500
Total	$	39,500

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 $12,300 and $7,500, respectively.

	Actual Cost				Estimated Cost
General Government	$	8,900			$	9,000
Public Safety		12,400				12,300
Public Works		7,700				7,500
Culture and Recreation		5,700				5,800
Miscellaneous		2,500				2,500
Total	$	37,200			$	37,100