Recording General Fund Operating Budget and Operating Transactions.
- 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.
- 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:
- During July 2016, 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 $10,700 and $5,900, respectively.