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 $$2,907,000$ as follows: property taxes, $$1,972,000$; licenses and permits, $$395,000$; fines and forfeits,

$$295,000$; and intergovernmental $($state grants$),$ $$245,000.$ The budget approved appropriations of $$2,848,000$ as follows: General

Government, $$545,000$; Public Safety, $$1,690,000$; Public Works, $$395,000$; Culture and Recreation, $$159,000$; and Miscellaneous,

$$59,000.$

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.$)$

Revenues were collected in cash amounting to $$40,000$ for licenses and permits and $$16,500$ for fines and forfeits.

Supplies were ordered by the following functions in early July at the estimated costs shown:

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 $$11,600$ and $$6,800,$ respectively.