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 $2,884,000 as follows: property taxes, $1,964,000; licenses and permits, $390,000, fines and forfeits, $290,000; and intergovernmental (state grants), $240,000. The budget approved appropriations of $2,826,000 as follows: General Government. $540,000: Public Safety. $1.680.000: Public Works, $390,000: Culture and Recreation, $158,000: and Miscellaneous $58.000. 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 $39,000 for licenses and permits and $16,000 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 $ 8,200 12,90 6,900 5,000 1,700 $34,700 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 $11,500 and $6,700, respectively General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Actual Cost $ 8,100 11,600 6,980 4,980 1,780 $33,280 Estimated Cost $ 8,200 11,500 6,700 5,000 1,700 $33, 100 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 Account Description Est Revenues Dr (Cr) Revenues Cr (Dr) Balance Dr (CT) Taxes Budget 0 0 Licenses and Permits Budget Cash collected 0 0 Fines and Forfeits Budget Cash collected 0 0 Intergovernemental Revenues Budget 0 0 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Decrease Balance Dr Increase Dr Balance Dr Appropriations Balance Cr Cr Dr (C1) (CO) (CI) Ci (Dr) (Dr) Account/Description General Government Appropriations Order of Supplies Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received 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.) Source Budgeted Actual Unrealized Revenue $ 0 0 Property Taxes Licenses and Permits Fines and Forfeits Intergovernmental Total 0 0 $ 0 $ 0 $ 0 d. Calculate the amount of available appropriation in total and for each function as of July 31.(Input all amounts as positive values.) Appropriations Encumbrances Expenditures Available Appropriations General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 0 $ 0 $ 0 $ 0 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 $2,884,000 as follows: property taxes, $1,964,000; licenses and permits, $390,000, fines and forfeits, $290,000; and intergovernmental (state grants), $240,000. The budget approved appropriations of $2,826,000 as follows: General Government. $540,000: Public Safety. $1.680.000: Public Works, $390,000: Culture and Recreation, $158,000: and Miscellaneous $58.000. 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 $39,000 for licenses and permits and $16,000 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 $ 8,200 12,90 6,900 5,000 1,700 $34,700 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 $11,500 and $6,700, respectively General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Actual Cost $ 8,100 11,600 6,980 4,980 1,780 $33,280 Estimated Cost $ 8,200 11,500 6,700 5,000 1,700 $33, 100 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 Account Description Est Revenues Dr (Cr) Revenues Cr (Dr) Balance Dr (CT) Taxes Budget 0 0 Licenses and Permits Budget Cash collected 0 0 Fines and Forfeits Budget Cash collected 0 0 Intergovernemental Revenues Budget 0 0 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Decrease Balance Dr Increase Dr Balance Dr Appropriations Balance Cr Cr Dr (C1) (CO) (CI) Ci (Dr) (Dr) Account/Description General Government Appropriations Order of Supplies Supplies received Public Safety Appropriations Order of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies received Miscellaneous Appropriations Order of Supplies Supplies received 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.) Source Budgeted Actual Unrealized Revenue $ 0 0 Property Taxes Licenses and Permits Fines and Forfeits Intergovernmental Total 0 0 $ 0 $ 0 $ 0 d. Calculate the amount of available appropriation in total and for each function as of July 31.(Input all amounts as positive values.) Appropriations Encumbrances Expenditures Available Appropriations General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 0 $ 0 $ 0 $ 0