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3–12. General Fund of the City of Springfield

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3–12. 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)
Estimated Actual
General government $5,100,000 $5,035,450
Culture and recreation 4,650,000 4,610,000
Health and welfare 905,000 891,550

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 General Fund

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