Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2012.
1. Estimated revenues (legally budgeted)
Property taxes ...... $5,000,000
Sales taxes ........ 4,000,000
Licenses and permits .... 1,500,000
Miscellaneous ........ 500,000
2. Appropriations
General government..... $5,000,000
Culture and recreation ... 4,500,000
Health and welfare ..... 1,000,000
3. Revenues received (cash)
Property taxes ...... $4,783,541
Sales taxes ........ 4,501,009
Licenses and permits ... 1,700,000
Miscellaneous ....... 800,000
4. Encumbrances issued (includes salaries and other recurring items)
Estimated
General government .... $5,100,000
Culture and recreation ... 4,650,000
Health and welfare ...... 905,000
5. Goods and services received (paid in cash)

6. Budget revisions
Increase appropriations:
General government ...... $100,000
Culture and recreation ..... 150,000
7. Fund balance€”Unrestricted on January 1, 2012, was $735,000. There were no outstanding encumbrances at that date.
a. Record the transactions using appropriate journal entries.
b. Prepare a budgetary comparison schedule for the GeneralFund.

Transcribed Image Text:

General government Culture and recreation Health and welfare Estimated $5, 100,000 4,650,000 905,000 Actual $5,035,450 4,610,000 891,550