The Town of Bedford Falls approved a General Fund operatingbudget for the fiscal year beginning on July 1. The budget providesfor estimated revenues of $2,493,000 as follows: property taxes,$1,828,000; licenses and permits, $305,000; fines and forfeits,$205,000; and intergovernmental (state grants), $155,000. Thebudget approved appropriations of $2,452,000 as follows: G

eneral Government, $455,000;

Public Safety, $1,510,000;

Public Works, $305,000;

Culture and Recreation, $141,000;

and Miscellaneous, $41,000.

Required a. & b. Prepare the journal entry (or entries), torecord the Town of Bedford Falls’s General Fund operating budget onJuly 1, the beginning of the Town’s fiscal year and also record thefollowing transactions that occurred during the month of July. Alsoshow entries in the subsidiary ledger accounts, to record the Townof Bedford Falls’s General Fund operating budget on July 1, thebeginning of the Town’s fiscal year. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the firstaccount field.) Revenues were collected in cash amounting to$50,000 for licenses and permits and $21,500 for fines andforfeits. Supplies were ordered by the following functions in earlyJuly at the estimated costs shown: General Government $ 9,300Public Safety 15,100 Public Works 8,000 Culture and Recreation6,100 Miscellaneous 2,800 Total $ 41,300 During July, supplies werereceived at the actual costs shown below and were paid in cash.General Government, Culture and Recreation, and Miscellaneousreceived all supplies ordered. Public Safety and Public Worksreceived part of the supplies ordered earlier in the month atestimated costs of $12,600 and $7,800, respectively. Actual CostEstimated Cost General Government $ 9,200 $ 9,300 Public Safety12,700 12,600 Public Works 8,000 7,800 Culture and Recreation 6,0006,100 Miscellaneous 2,800 2,800 Total $ 38,700 $ 38,600 Calculatethe amount of budgeted but unrealized revenues in total and fromeach source as of July 31. (Input all amounts as positive values.)Calculate the amount of available appropriation in total and foreach function as of July 31.(Input all amounts as positive values.)Expert Answer An expert answer will be posted here Post a questionAnswers from our experts for your tough homework questions