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

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 $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	$	7,400
Public Safety		11,300
Public Works		6,100
Culture and Recreation		4,200
Miscellaneous		900
Total	$	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.

	Actual Cost				Estimated Cost
General Government	$	7,300			$	7,400
Public Safety		10,800				10,700
Public Works		6,100				5,900
Culture and Recreation		4,100				4,200
Miscellaneous		900				900
Total	$	29,200			$	29,100

Requirement 1

Journal entry worksheet

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

b. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.

c. Record the issuance of the purchase orders and contracts.

d. Record the reversal of the purchase orders.

e. Record the cash paid for expenses.

Requirement 2

Requirement 3

TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Revenues Cr Balance Dr Account Description Dr (Cr) (Dr) (Cr) Taxes Budget 1,900,000 1,900,000 350,000 2,250,000 Licenses and Permits Budget Cash collected Fines and Forfeits Budget Cash collected Intergovernemental Revenues 200,000 Budget 200,000 200,000 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Balance Dr Appropriations Cr (Dr) (Cr) Decrease Balance Dr Cr Balance Cr (Dr) Account/Description Increase Dr Dr (Cr) (Cr) 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.) Unrealized Revenue Source Budgeted Actual 1,900,000 $ O $ 1,900,000 31,000 Property Taxes 319,000 Licenses and Permits 350,000 Fines and Forfeits 250,000 12,000 238.000 200,000 2,700,000 $ Intergovernmental 200,000 $ 2,657,000 43,000 Total d. Calculate the amount of available approprlatlon In total and for each function as of July 31. (Input all amounts as positive values.) Available Appropriations Appropriations Encumbrances Expenditures 500,000 s of s 492,700 7,300 $ General Government Public Safety 1,600,000 600 10.800 1,588,600 343,700 145,900 Public Works 350,000 200 8,100 4.100 150,000 Culture and Recreation 900 29.200 $ Miscellaneous 50,000 49,100 2,650,000 $ 800 $ 2,620,000 Total