Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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 $2,769,000 as follows: property taxes, $1,924,000; licenses and permits, $365,000; fines and forfeits, $265,000; and intergovernmental (state grants), $215,000. The budget approved appropriations of $2,716,000 as follows: General Government, $515,000; Public Safety, $1,630,000; Public Works, $365,000; Culture and Recreation, $153,000; and Miscellaneous, $53,000. 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 $34,000 for licenses and permits and $13,500 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 $ 7,700 11,900 6,400 4,500 1,200 $31,700 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 $11,000 and $6,200, respectively. General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Actual Cost $ 7,600 11,100 6,400 4,400 1,200 $30,700 Estimated Cost $ 7,700 11,000 6,200 4,500 1,200 $30,600 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 not complete. Encumbrances Expenditures Appropriations Available Appropriations General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 0 $ 0 $ 0 $ 0 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 not complete. Source Budgeted Actual Unrealized Revenue A Property Taxes Licenses and Permits Fines and Forfeits Intergovernmental Total 0 $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely

18th edition

1260190080, 1260190083, 978-1259917059

More Books

Students also viewed these Accounting questions

Question

Explain the significance of employee selection.

Answered: 1 week ago

Question

Discuss the performance appraisal process.

Answered: 1 week ago