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 $2,746,000 as follows property taxes, $1,916,000 licenses and permits, $360,000 fines and forfeits, $260,000 and intergovernmental (state grants), $210,000 The budget approved appropriations of $2,694,000 as follows General Government, $510,000 Public Safety, $1,620,000 Public Works, $360,000 Culture and Recreation, $152,000 and Miscellaneous, $52,000 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 ) Revenues were collected in cash amounting to $33,000 for licenses and permits and $13,000 for fines and forfeits Supplies were ordered by the following functions in early July at the estimated costs shown General Government $ 7,600 Public Safety 11,700 Public Works 6,300 Culture and Recreation 4,400 Miscellaneous 1,100 Total $ 31,100 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 $10,900 and $6,100, respectively Actual Cost Estimated Cost General Government $ 7,500 $ 7,600 Public Safety 11,000 10,900 Public Works 6,300 6,100 Culture and Recreation 4,300 4,400 Miscellaneous 1,100 1,100 Total $ 30,200 $ 30,100 Encumbrances General Government $510,000 $7,500 $502,500 Public Safety 1,620,000 11,000 Public Works 360,000 6,300 Culture and Recreation 152,000 4,300 147,700 Miscellaneous 52,000 1,100 50,900 Total $2,694,000 $0 $30,200 $701,100

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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

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 $2,746,000 as follows: property taxes, $1,916,000; licenses and permits, $360,000; fines and forfeits, $260,000; and intergovernmental (state grants), $210,000. The budget approved appropriations of $2,694,000 as follows: General Government, $510,000; Public Safety, $1,620,000; Public Works, $360,000; Culture and Recreation, $152,000; and Miscellaneous, $52,000.

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.)

Revenues were collected in cash amounting to $33,000 for licenses and permits and $13,000 for fines and forfeits.
Supplies were ordered by the following functions in early July at the estimated costs shown:


General Government	$	7,600
Public Safety		11,700
Public Works		6,300
Culture and Recreation		4,400
Miscellaneous		1,100
Total	$	31,100

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 $10,900 and $6,100, respectively.

	Actual Cost		Estimated Cost
General Government	$	7,500	$	7,600
Public Safety		11,000		10,900
Public Works		6,300		6,100
Culture and Recreation		4,300		4,400
Miscellaneous		1,100		1,100
Total	$	30,200	$	30,100

Encumbrances

General Government	$510,000		$7,500	$502,500
Public Safety	1,620,000	?	11,000
Public Works	360,000	?	6,300
Culture and Recreation	152,000		4,300	147,700
Miscellaneous	52,000		1,100	50,900
Total	$2,694,000	$0	$30,200	$701,100