Expert Answer:Recording General Fund Operating Budget and Operat

  

Solved by verified expert:Recording General Fund Operating Budget and Operating Transactions3-22Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000. RequiredPrepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls’s General Fund operating budget on July 1, 2016, the beginning of the Town’s 2017 fiscal year.Prepare journal entries to record the following transactions that occurred during the month of July 2016. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:
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Recording General Fund Operating Budget and Operating Transactions
3-22 Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls
approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides
for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits,
$350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget
approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety,
$1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.
Required
A. Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of
Bedford Falls’s General Fund operating budget on July 1, 2016, the beginning of the Town’s 2017
fiscal year.
B. Prepare journal entries to record the following transactions that occurred during the month of
July 2016.
Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines
and forfeits.
Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

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