The Town of Tyler approved the following general fund budget for the fiscal year July 1, 2011, to June 30, 2012: TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2011 TO JUNE 30, 2012 Revenue Sources Taxes Licenses and permits Intergovernmental revenue Charges for services Fines and forfeits Rents and royalties Miscellaneous revenues Total budgeted revenues $250,000 20.000 40,000 60,000 15,000 10,000 5,000 $400.000 TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2011 TO JUNE 30, 2012 Expenditures Current services General government Public safety Highways and streets Sanitation Health and welfare Recreation Capital outlays Total appropriations Budgeted increase in fund balance $45,000 140,000 90.000 55,000 20,000 30,000 15,000 $395,000 $5,000 The after-closing trial balance of the Town of Tyler general fund at June 30, 2011, shows the following ledger account balances: 31.000 15.000 3.000 6,000 55,000 Debits Cash Tax receivable-delinquent Accounts receivable Supplies inventory Total debits Credits Allowances for uncollectible taxes-delinquent Vouchers payable Note payable (short-term) Fund balance-committed Fund balance-nonspendable Fund balance-unassigned Total credits 1.000 14.000 15.000 9,000 6.000 10,000 S5.000 1. Prepare journal entries and T account balances to record the budget and each of the following transactions: The Town of Tyler approved the following general fund budget for the fiscal year July 1, 2011, to June 30, 2012: TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2011 TO JUNE 30, 2012 Revenue Sources Taxes Licenses and permits Intergovernmental revenue Charges for services Fines and forfeits Rents and royalties Miscellaneous revenues Total budgeted revenues $250,000 20.000 40,000 60,000 15,000 10,000 5,000 $400.000 TOWN OF TYLER GENERAL FUND BUDGET SUMMARY FOR THE YEAR JULY 1, 2011 TO JUNE 30, 2012 Expenditures Current services General government Public safety Highways and streets Sanitation Health and welfare Recreation Capital outlays Total appropriations Budgeted increase in fund balance $45,000 140,000 90.000 55,000 20,000 30,000 15,000 $395,000 $5,000 The after-closing trial balance of the Town of Tyler general fund at June 30, 2011, shows the following ledger account balances: 31.000 15.000 3.000 6,000 55,000 Debits Cash Tax receivable-delinquent Accounts receivable Supplies inventory Total debits Credits Allowances for uncollectible taxes-delinquent Vouchers payable Note payable (short-term) Fund balance-committed Fund balance-nonspendable Fund balance-unassigned Total credits 1.000 14.000 15.000 9,000 6.000 10,000 S5.000 1. Prepare journal entries and T account balances to record the budget and each of the following transactions