Chapter 3: Budget and Encumbrances Case Study Background: The town of Susanville approved a General Fund operating budget for the fiscal year-end June 30, 2021. The budget provides for estimated revenues of $5,200,000 as follows: property taxes $3.750,000. fines and forfeits $650,000, licenses and permits $800,000. The budget approved appropriations of $4,950,000 as follows: General Government $1,950,000, Public Safety $2,500,000 and Public Works $500,000. 1. Prepare the journal entry (both General Ledger and Subsidiary Ledger) to record the Town of Susanville's General Fund operating budget at the beginning of the 2021 fiscal year. 2. Revenues were collected in cash amounting to $3,500,000 in property taxes and $375,000 for fines and forfeits. Prepare the journal entry to record this transaction in the both General Ledger and Subsidiary Ledger