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 $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfelts, $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 a. & b. Prepare the journal entry (or entries), to record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's 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 Falls's General Fund operating budget on July 1, the beginning of the Town's 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 $31,000 for licenses and permits and $12,000 for fines and forfeits. 2. Supplies were ordered by the following functions in early July at the estimated costs shown: General Government Public Safety, Public Works: Culture and Recreation Miscellaneous Total $ 7,400 11,300 6,100 4,200 900 $29,900 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 $10,700 and $5,900, respectively. ces 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 $10,700 and $5,900, respectively. Actual Cost General Government Public Safety Public Works Culture and Recreation Miscellaneous Total View transaction list Journal entry worksheet 1 2 3 4 5 Estimated Cost $ 7,300 $ 7,400 10,800 10,700 6,100 5,900 4,100 4,200 900 900 $29,200 $29,100 Record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year. Note: Enter debits before credits Event a General Journal Debit Credit View transaction list 1 Record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year. July 1, 2 Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits. 3 Record the issuance of the purchase orders and contracts. 4 Record the reversal of the purchase orders. 5 Record the cash paid for expenses. journal entry has been entered Note: Record entry Credit Clear entry View general journal