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 $2,585,000 as follows: property taxes, $1,860,000; licenses and permits, $325,000; fines and forfeits, $225,000; and intergovernmental (state grants), $175,000. The budget approved appropriations of $2,540,000 as follows: General Government, $475,000; Public Safety, $1,550,000; Public Works, $325,000; Culture and Recreation, $145,000; and Miscellaneous, $45,000.

Required

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 $46,000 for licenses and permits and $19,500 for fines and forfeits.
2. Supplies were ordered by the following functions in early July at the estimated costs shown:

General Government	$	8,900
Public Safety		14,300
Public Works		7,600
Culture and Recreation		5,700
Miscellaneous		2,400
Total	$	38,900

1. 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 $12,200 and $7,400, respectively.

	Actual Cost				Estimated Cost
General Government	$	8,800			$	8,900
Public Safety		12,300				12,200
Public Works		7,600				7,400
Culture and Recreation		5,600				5,700
Miscellaneous		2,400				2,400
Total	$	36,700			$	36,600

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 $2,585,000 as follows: property taxes, $1,860,000; licenses and permits, $325,000; fines and forfeits, $225,000; and intergovernmental (state grants), $175,000. The budget approved appropriations of $2,540,000 as follows: General Government, $475,000; Public Safety, $1,550,000; Public Works, $325,000; Culture and Recreation, $145,000; and Miscellaneous, $45,000.

Required

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 $46,000 for licenses and permits and $19,500 for fines and forfeits.
2. Supplies were ordered by the following functions in early July at the estimated costs shown:

General Government	$	8,900
Public Safety		14,300
Public Works		7,600
Culture and Recreation		5,700
Miscellaneous		2,400
Total	$	38,900

1. 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 $12,200 and $7,400, respectively.

	Actual Cost				Estimated Cost
General Government	$	8,800			$	8,900
Public Safety		12,300				12,200
Public Works		7,600				7,400
Culture and Recreation		5,600				5,700
Miscellaneous		2,400				2,400
Total	$	36,700			$	36,600

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

Revenues were collected in cash amounting to $46,000 for licenses and permits and $19,500 for fines and forfeits.

Record the issuance of the purchase orders and contracts.

Record the reversal of the purchase orders.

Record the cash paid for expenses.

\begin{tabular}{|c|c|c|c|} \hline Event & General Journal & Debit & Credit \\ \hlinea & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Event & General Journal & Debit & Credit \\ \hlinea & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Event & General Journal & Debit & Credit \\ \hlinea & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Event & General Journal & Debit & Credit \\ \hlinea & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Event & General Journal & Debit & Credit \\ \hlinea & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} TOWN OF BEDFORD FALLS Revenues Ledger \begin{tabular}{l|l|l|r} \hline \multicolumn{1}{|c|}{ Account Description } & EstRevenuesDr(Cr) & RevenuesCr(Dr) & BalanceDr(Cr) \\ \hline Taxes & & & 0 \\ \hline Budget & & & 0 \\ \hline & & & 0 \\ \hline Licenses and Permits & & & 0 \\ \hline Budget & & & 0 \\ \hline Cash collected & & & 0 \\ \hline & & & 0 \\ \hline Fines and Forfeits & & & 0 \\ \hline Budget & & & 0 \\ \hline Cash collected & & & 0 \\ \hline & & & 0 \\ \hline Intergovernemental Revenues & & & 0 \\ \hline Budget & & & \\ \hline & & & 0 \\ \hline \end{tabular} TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger