Business, 20.09.2020 14:01 ladybugys

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 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 $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...