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 $2,723,000 as follows: property taxes, $1,908,000; licenses and permits, $355,000; fines and forfeits, $255,000; and intergovernmental (state grants), $205,000. The budget approved appropriations of $2,672,000 as follows: General Government, $505,000; Public Safety, $1,610,000; Public Works, $355,000; Culture and Recreation, $151,000; and Miscellaneous, $51,000. 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 $32,000 for licenses and permits and $12,500 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 $ 7,500 11,500 6,200 4,300 1,000 $30,500 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 $10,800 and $6,000, respectively. General Government Public Safety Public Works Culture and Recreation Miscellaneous Total Actual Cost $ 7,400 10,900 6,200 4,200 1,000 $29,700 Estimated Cost $ 7,500 10,800 6,000 4,300 1,000 $29,600 TOWN OF BEDFORD FALLS Revenues Ledger Est Revenues Revenues Cr Account Description Dr (Cr) (Dr) Balance Dr (Cr) Taxes Budget 1,908,000 1,908,000 1,908,000 Licenses and Permits Budget Cash collected 355,000 355,000 323,000 32,000 Fines and Forfeits 355,000 Budget Cash collected 355,000 342,500 12,500 Intergovernemental Revenues Budget 205,000 205,000 205,000 TOWN OF BEDFORD FALLS Appropriations, Expenditures, and Encumbrances Ledger Encumbrances Expenditures Balance Dr Balance Increase Dr Decrease Cr Dr (Cr) (Cr) Dr (Cr) Account/Description Appropriations Cr (Dr) Balance Cr (Dr) 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 Property Taxes Licenses and Permits Fines and Forfeits Intergovernmental Total 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