The Budgetary Comparison Schedule for the Town of Riverside appears below. Several items of information are missing (denoted with "?"). Required: a. Determine the missing amounts in a Budgetary Comparison Schedule provided. (Note: To complete the budget comparison schedule in part a, you may also refer to information provided in part of this problem. b. During the year, the Town made a single budget revision, i.e., adopted an upward revision of $50,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $30,000. Prepare the general journal entry to record that revision. Part a: Variance with Final Budgetary Basis Budget Positive (Negative) $2,559 TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Budgeted Amounts Actual Amounts Original Final Revenues: Property Taxes $745,44 1745,441 $748,000 Business Licenses 179,559 130,000 Total Revenues $25,000 $78,000 Expenditures and Eneumbrances: General Government 400,000 400,000 $70,000 Parks and Recreation 120,000 181,000 Sanitation 100,000 $100,000 102,100 Streets and Sidewalks 170,000 170,000 162,300 Total Expenditures and Encumbrances 790,000 815,400 Excess (Deficiency) of Revenues Over 135,000 62,600 Expenditures and Encumbrances Fund Balance, Beginning $4,000 $4,000 $4,000 Fund Balance, Ending $189,000$109,000 $0,000 2.100) Accounts Debits Credits Part b: The Budgetary Comparison Schedule for the Town of Riverside appears below. Several items of information are missing (denoted with "?"). Required: a. Determine the missing amounts in a Budgetary Comparison Schedule provided. (Note: To complete the budget comparison schedule in part a, you may also refer to information provided in part of this problem. b. During the year, the Town made a single budget revision, i.e., adopted an upward revision of $50,000 for the parks and recreation budget and reduced the estimated revenues from business licenses by $30,000. Prepare the general journal entry to record that revision. Part a: Variance with Final Budgetary Basis Budget Positive (Negative) $2,559 TOWN OF RIVERSIDE Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2020 Budgeted Amounts Actual Amounts Original Final Revenues: Property Taxes $745,44 1745,441 $748,000 Business Licenses 179,559 130,000 Total Revenues $25,000 $78,000 Expenditures and Eneumbrances: General Government 400,000 400,000 $70,000 Parks and Recreation 120,000 181,000 Sanitation 100,000 $100,000 102,100 Streets and Sidewalks 170,000 170,000 162,300 Total Expenditures and Encumbrances 790,000 815,400 Excess (Deficiency) of Revenues Over 135,000 62,600 Expenditures and Encumbrances Fund Balance, Beginning $4,000 $4,000 $4,000 Fund Balance, Ending $189,000$109,000 $0,000 2.100) Accounts Debits Credits Part b
