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 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; 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: 7,400 General Government Public Safety 11,300 6,100 4, 200 Public Works Culture and Recreation Miscellaneous 900 $29,900 Total 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 Estimated Cost Cost General Government 7,300 7,400 Public Safety Public Works 10,800 6,100 4,100 900 10,700 5,900 4,200 Culture and Recreation Miscellaneous 900 $29, 200 $29,100 Total Answer is complete and correct. Event Credit No General Journal Debit Estimated Revenues 1 2,700,000 a Budgetary Fund Balance 50,000 2,650,000 Appropriations b(1) Cash 43,000 Revenues 43,000 Encumbrances 3 b(2) 29,900 Encumbrances Outstanding 29,900 Encumbrances Outstanding 4 b(3a) 29,100 29,100 Encumbrances Expenditures 29,200 5 b(3b) Cash 29,200 Answer is complete and correct. TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Balance Dr Account Description Revenues Dr Cr (Dr) (Cr) (Cr) Taxes Budget 1,900,000 1,900,000 1,900,000 Licenses and Permits Budget Cash collected 350,000 350,000 31,000 319,000 Fines and Forfeits Budget Cash collected 250,000 250,000 12,000 238,000 Intergovernemental Revenues Budget 200,000 200,000 200,000 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Increase Decrease Balance Balance Appropriations Cr (Dr) Balance Account/Description Dr (Cr) Dr (Cr) Dr Cr Dr (Cr) Cr (Dr) General Government Appropriations Order of Supplies 0 500,000 500,000 7,400 492,600 7,400 7,300X Supplies received 100 499,900 Public Safety Appropriations Order of Supplies 600 x 1,600,000 1,599,400 600 11,300 (11,300) Supplies received 1,599,900 10,800 (500) Public Works 200 |Appropriations Order of Supplies 350,000 349,800 200 6,100 6,100 343,700 Supplies received 349,600 5,900 200 Culture and Recreation | Appropriations 150,000 150,000 Order of Supplies 4,200 4,200 145,800 Supplies received 150,000 4,200 0 Miscellaneous Appropriations 50,000 50,000 0 Order of Supplies 900 900 49,100 Supplies received 900 0 50,000 c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31. (Input all amounts as positive values.) Answer is complete and correct. Unrealized Source Budgeted Actual Revenue Property Taxes Licenses and Permits Fines and Forfeits $1,900,000 $ 0$1,900,000 31,000 350,000 319,000 238,000 250,000 12,000 Intergovernmental 0 200,000 200,000 $ 2,700,000 Total S 2,657,000 43,000 d. Calculate the amount of available appropriation in total and for each function as of July 31. (Input all amounts as positive values.) Answer is complete and correct. Available Appropriations Encumbrances Expenditures Appropriations 7,300 S 0$ General Government $ 500,000 492,700 Public Safety 1,588,600 1,600,000 600 10,800 Public Works Culture and 343,700 350,000 200 6,100 150,000 0 4,100 145,900 Recreation 49,100 Miscellaneous 50,000 0 900 29,200 $ 2,650,000 800 2,620,000 Total 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 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; 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: 7,400 General Government Public Safety 11,300 6,100 4, 200 Public Works Culture and Recreation Miscellaneous 900 $29,900 Total 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 Estimated Cost Cost General Government 7,300 7,400 Public Safety Public Works 10,800 6,100 4,100 900 10,700 5,900 4,200 Culture and Recreation Miscellaneous 900 $29, 200 $29,100 Total Answer is complete and correct. Event Credit No General Journal Debit Estimated Revenues 1 2,700,000 a Budgetary Fund Balance 50,000 2,650,000 Appropriations b(1) Cash 43,000 Revenues 43,000 Encumbrances 3 b(2) 29,900 Encumbrances Outstanding 29,900 Encumbrances Outstanding 4 b(3a) 29,100 29,100 Encumbrances Expenditures 29,200 5 b(3b) Cash 29,200 Answer is complete and correct. TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Balance Dr Account Description Revenues Dr Cr (Dr) (Cr) (Cr) Taxes Budget 1,900,000 1,900,000 1,900,000 Licenses and Permits Budget Cash collected 350,000 350,000 31,000 319,000 Fines and Forfeits Budget Cash collected 250,000 250,000 12,000 238,000 Intergovernemental Revenues Budget 200,000 200,000 200,000 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Increase Decrease Balance Balance Appropriations Cr (Dr) Balance Account/Description Dr (Cr) Dr (Cr) Dr Cr Dr (Cr) Cr (Dr) General Government Appropriations Order of Supplies 0 500,000 500,000 7,400 492,600 7,400 7,300X Supplies received 100 499,900 Public Safety Appropriations Order of Supplies 600 x 1,600,000 1,599,400 600 11,300 (11,300) Supplies received 1,599,900 10,800 (500) Public Works 200 |Appropriations Order of Supplies 350,000 349,800 200 6,100 6,100 343,700 Supplies received 349,600 5,900 200 Culture and Recreation | Appropriations 150,000 150,000 Order of Supplies 4,200 4,200 145,800 Supplies received 150,000 4,200 0 Miscellaneous Appropriations 50,000 50,000 0 Order of Supplies 900 900 49,100 Supplies received 900 0 50,000 c. Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31. (Input all amounts as positive values.) Answer is complete and correct. Unrealized Source Budgeted Actual Revenue Property Taxes Licenses and Permits Fines and Forfeits $1,900,000 $ 0$1,900,000 31,000 350,000 319,000 238,000 250,000 12,000 Intergovernmental 0 200,000 200,000 $ 2,700,000 Total S 2,657,000 43,000 d. Calculate the amount of available appropriation in total and for each function as of July 31. (Input all amounts as positive values.) Answer is complete and correct. Available Appropriations Encumbrances Expenditures Appropriations 7,300 S 0$ General Government $ 500,000 492,700 Public Safety 1,588,600 1,600,000 600 10,800 Public Works Culture and 343,700 350,000 200 6,100 150,000 0 4,100 145,900 Recreation 49,100 Miscellaneous 50,000 0 900 29,200 $ 2,650,000 800 2,620,000 Total