QUESTION 01: The town council of Riverside estimated revenues for 2017 to be $750,000 from property as follows: taxes and $136,000 from business licenses. The appropriations budget from the council was General government $430,000 Parks and recreation 132,000 Sanitation Streets 90,000 Sidewalks 160,000 In April, heavy spring rains caused some flooding near the river. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The General Fund began the year with a balance of $55,000. During the year, tax collections totaled $749,000 and revenues from business licenses were $137,000. Expenditures were $429,000 for general government, $131,000 for parks and recreation, $92,000 for sanitation, and $157,000 for streets and sidewalks. There are no outstanding encumbrances at year-end. Required: 1. Record the budgetary transactions 2. Prepare a budgetary comparison schedule for the General Fund for 2017