60.1K

Verified Solution

Link Copied!

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, $1620,000, Public Works, $360,000, Culture and Recreation, $152,000, and Miscellaneous $52,000 Required a & Prepare the journal entry for entries), to record the Town of Bedford Folls'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.) 1 Revenues were collected in cash amounting to $33,000 for licenses and permits and $13,000 for fines and forfeits 2 Supplies were ordered by the following functions in early July at the estimated costs shown General Government Noc Safety Public Works Culture and creation Miscellaneous Total $7,610 11,700 6,300 4.400 1.100 $31,100 3. During July, supplies were received at the actual costs shown below and were paidan 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 Estated Cost Cost Geral Government $ 7,500 Public Safety $ 7,500 11,800 10,900 olie 5,300 10 Culture and creation 4,300 5,400 3/100 1.100 Miscellaneous Total 1,180 $30, 200 1,100 $30, 109 w transaction list Journal entry worksheet Record the Town of Bedford Falls's General Fund operating budget on July 1, the beginning of the Town's fiscal year. Note Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal TOWN OF BEDFORD FALLS 1 or 28 Next > o 3 4 5 Revenues were collected in cash amounting to $33,000 for licenses and permits and $13,000 for fines and forfeits. Hote: Enter debits before credits. Event General Joumal Debit Credit b(1) Record entry Clear entry View general journal TOWN OF BEDFORD FALLS 1 23 4 5 > Record the reversal of the purchase orders. Note: Enter debits before credits. Event General Journal Debit Credit b(3) Record entry Clear entry View general journal Encumbe Decret Balance Dr Expenditures Dr(CH Balance Dr. Appropriapons Balance Cr Cm Cr (Dr D General Government Appropriations Order of Supplies Supplies received Public Safety Appropriations Oider of Supplies Supplies received Public Works Appropriations Order of Supplies Supplies received Culture and Recreation Appropriations Order of Supplies Supplies recered Miscellaneous Appropriations Order of Supplies Suppies received c Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31 (Input all amounts as positive values.) Anal Unrealed Revenue 0 0 Property Taxen Land Permits Fitues and Forfets Intergovernmental Total 0 $ 0 0 0$ 0 $ Calculate the amount of available appropriation in total and for each function as of July 31(Input all amounts as positive values.) Appropriations Encumbrances Expenditures Available Appropriations General Government Public Safety Public Works Culture and Recreation Miscellaneous Total $ 0 $ 0 $ OS Preot 2 Next > Prepare a General Fund statement of revenues expenditures and changes in fund balance Prepare a General Fund schedule of revenues expenditures, and changes in fund balance-budget and actual fassume the budget is prepared on a GAAP) Complete this question by entering your answers in the tabs below. ered Round Prepare a General Fund schedule of rependitures, and danges in fund balance-budget and actual (assume the budget proped on a CAP) (to your win thousands to aspotive values.) CITY OF GREENVILLE Amounts in Thousands Budgeted Amounts Original Find Revenues Act Vane w Amounts Final Budget Budget Over Undert $ ol 0 0

Answer & Explanation Solved by verified expert

See Answer