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 $2,700,000 as follows: Property taxes: $1,900,000
licenses and permits: $350,000
Fines and forfeits: $250,000
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
Miscellaneous: $50,000

Required:
Prepare the journal entry (or entries), to record the Town of Bedford Falls’s General Fund operating budget on July 1.