Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2011. 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; Parks and Recreation, $150,000; and Miscellaneous, $50,000. a. Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Fallss General Fund operating budget on July 1, 2010, the beginning of the Towns 2011 fiscal year. Chapter 4: Problems 44, 46, 410, and 411 39. Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2014. 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; Parks and Recreation, $150,000; and Miscellaneous, $50,000. Summary General Fund operating budget: fiscal year ending June 30, 2011 Budget: revenues of $2,700,000 property taxes: $1,900,000 licenses and permits: $350,000 fines and forfeits: $250,000 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 Parks and Recreation: $150,000 Miscellaneous: $50,000 Required : a. Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Fallss General Fund operating budget on July 1, 2010, the beginning of the Towns 2014 fiscal year. Answer: General Ledger Subsidiary ledger Estimated Rev DR: $2,700,000 Budgetary fund Bal. CR: $2,700,000 Taxes DR: $1,900,000 Intergovernmental Rev. DR: $200,000 Licenses & Permits DR: $350,000 b. Prepare journal entries to record the following transactions that occurred during the month of July 2014