The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget p

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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 $2,585,000 as follows: property taxes,
$1,860,000; licenses and permits, $325,000; fines and forfeits,
$225,000; and intergovernmental (state grants), $175,000. The
budget approved appropriations of $2,540,000 as follows: General
Government, $475,000; Public Safety, $1,550,000; Public Works,
$325,000; Culture and Recreation, $145,000; and Miscellaneous,
$45,000.
Required
a. & b. Prepare the journal entry (or
entries), to record the Town of Bedford Falls’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.)