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 $2,861,000 as follows: property taxes, $1,956,000; licenses and permits, $385,000 fines and forfeits, $285,000, and intergovernmental (state grants), $235,000. The budget approved appropriations of $2,804,000 as follows: General Government, $535,000; Public Safety. $1,670,000; Public Works, $385,000, Culture and Recreation, $157,000, and Miscellaneous, $57,000. Required a. & b. Prepare the journal entry for 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 $38,000 for licenses and permits and 515,500 for fines and forfets. 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 $ 8,100 12,700 5,800 6.900 1.600 $34,100 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 $11.400 and $6,600, respectively Actual Estimated Cost General Government $ 8,000 $ 8,100 Public Safety 11,500 11,400 Public Works 6,800 Culture and Recreation 4,800 4,900 Miscellaneous 1.600 1,600 Total $32,700 $32,600 Cost 6,600 Suvad Journal entry worksheet 5 Chapter 5.docx Reck 180 charco optx RedR8 Chapo.ptx Journal entry worksheet Revenues were collected in cash amounting to $38,000 for licenses and permits and $15,500 for fines and forfeits. Note: Enter debits before credits. General Journal Credit ces Event b(1) Debit 38,000 Cash Record entry Clear entry View general journal 1 of 2 Next > Chapter dock Reck Betchapptx Rock 18e Chapoop Saved Journal entry worksheet Chapter B.doc Becko 8e Chapco, pptx Be Chao00oot Saved Journal entry worksheet 5 Chapter 5.docx Reck 180 charco optx RedR8 Chapo.ptx Journal entry worksheet Revenues were collected in cash amounting to $38,000 for licenses and permits and $15,500 for fines and forfeits. Note: Enter debits before credits. General Journal Credit ces Event b(1) Debit 38,000 Cash Record entry Clear entry View general journal 1 of 2 Next > Chapter dock Reck Betchapptx Rock 18e Chapoop Saved Journal entry worksheet Chapter B.doc Becko 8e Chapco, pptx Be Chao00oot Saved Journal entry worksheet
