Recording Adopted Budget. The Town of Willingdon adopted the following General F
ID: 2416812 • Letter: R
Question
Recording Adopted Budget. The Town of Willingdon adopted the following General Fund budget for fiscal year 2017:
Estimated revenues:
Taxes $15,000,000
Intergovernmental revenues 1,000,000
Licenses and permits 400,000
Fines and forfeits 150,000
Miscellaneous revenus 100,000
Total estimated revenues $16,650,000
Appropriations:
General government $8,000,000
Public Safety 6,000,000
Public works 1,550,000
Health and welfare 950,000
Miscellaneous 100,000
Total appropriations $16,600,000
Required
Prepare the general journal entries to record the adopted buget at the beginning of FY 2017. Show entries in the subsidiary ledger accounts as well as the general ledger accounts.
Explanation / Answer
Date Particulars Debit Amount Credit Amount Begin 2017 Estimated Tax Revenue 150,00,000 Estimated Intergovermental Revenue 10,00,000 Estimated licence & permit revenue 4,00,000 Estimated fine revenue 1,50,000 Estimtated Misc revenue 1,00,000 To Estimated Govt Expense 80,00,000 To Estimated Public Safety Expense 60,00,000 To Estimated public works expense 15,50,000 To Estimated Health Expense 9,50,000 To Estimated Misc Expense 1,00,000 To Budgetory Fund Balance 50,000
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