Question

The Johnson City’s legislative group 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

	Prepare the journal entry (or entries), to record the Johnson City’s General Fund operating budget on July 1, 2016, the beginning of the town’s 2017 fiscal year. Record the following transactions that occurred during the month of July 2016.
1.		Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.
2.		Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

General Government	$	7,400
Public Safety		11,300
Public Works		6,100
Culture and Recreation		4,200
Miscellaneous		900
Total	$	29,900

3.	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.

	Actual Cost			Estimated Cost
General Government	$	7,300		$	7,400
Public Safety		10,800			10,700
Public Works		6,100			5,900
Culture and Recreation		4,100			4,200
Miscellaneous		900			900
Total	$	29,200		$	29,100

Answer 1

Answer Page No 0 @ Journal entry for hand operating budget Estimated otevenue = Faces + licenses & Permite + fines & forfeitis + Intergovernmental revenues = 1900,000 + 350,000 + 250,000 + 200,000 - $2700,000 Appropriations = General government + Yublic sately + Public workio + Culture recreation of Miscellaneous = 500,000 + 1600,000 + 350,000 + 150,000 + 50,000 = $2650,000 Budgetary fond balance = 2400,000 -- 9650,000 iö $50,000 Credit Debit $2700,000 Particular Estimated revenues Budgetary fund balance Appropriations $50,000 $2650,000

Page. nio @ www 6 to winal entries for given transactions © Revenues = Licences and permits + fines and for feitos 0 + 12000 = $ 43000 @ Encumbrances - General government + Public sabrety + Public wosho + cultiere recreation + Miscellan --Cous = 7400 + 11300 + 6100 + 4000 + 900 =$29900 e Encumbrances - 2014 - General government + Public sabely + Public avotis + cultime ç recreation + Hlierellaneous .7400 + 10400 + 5900 + 4200 + 900 = $09100 Expenditures - 2017 z = 7300 + 10800 +.6100 + 4100 + 900 $29200

Page: No ③ edit Particular Debit S.NO $ 43000 Cash Revenues $43000 Encumbrances - 2014 $29900 $29900 En cumbrances outstanding - 2017 Encumbrances outstanding - 2017 Kncumbrances - 2017 14 29100 $09100 $ 29200 Expenditures - 2017 cash $29200