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 $2,815,000 as follows: property taxes, $1,940,000; licenses and permits, $375,000; fines and forfeits, $275,000; and intergovernmental (state grants), $225,000. The budget approved appropriations of $2,760,000 as follows: General Government, $525,000; Public Safety, $1,650,000; Public Works, $375,000; Culture and Recreation, $155,000; and Miscellaneous, $55,000.

Required

1. a. & b. Prepare the journal entry (or entries), to record the Town of Bedford Fallss General Fund operating budget on July 1, the beginning of the Towns 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 Fallss General Fund operating budget on July 1, the beginning of the Towns 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 $36,000 for licenses and permits and $14,500 for fines and forfeits.
2. Supplies were ordered by the following functions in early July at the estimated costs shown:

General Government	$	7,900
Public Safety		12,300
Public Works		6,600
Culture and Recreation		4,700
Miscellaneous		1,400
Total	$	32,900

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 $11,200 and $6,400, respectively.

	Actual Cost				Estimated Cost
General Government	$	7,800			$	7,900
Public Safety		11,300				11,200
Public Works		6,600				6,400
Culture and Recreation		4,600				4,700
Miscellaneous		1,400				1,400
Total	$	31,700			$	31,600

1. Record the Town of Bedford Fallss General Fund operating budget on July 1, the beginning of the Towns fiscal year.

2. Revenues were collected in cash amounting to $36,000 for licenses and permits and $14,500 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.

View transaction list Journal entry worksheet 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 General Journal Debit Credit a Record entry Clear entry View general journal TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Account Description Dr (Cr) Revenues Cr (Dr) Balance Dr (Cr) Taxes Budget 0 0 Licenses and Permits Budget o o Cash collected Fines and Forfeits Budget 0 Cash collected 0 Intergovernemental Revenues Budget o 0 View transaction list Journal entry worksheet 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 General Journal Debit Credit a Record entry Clear entry View general journal TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Account Description Dr (Cr) Revenues Cr (Dr) Balance Dr (Cr) Taxes Budget 0 0 Licenses and Permits Budget o o Cash collected Fines and Forfeits Budget 0 Cash collected 0 Intergovernemental Revenues Budget o 0