The Wayne City Council approved and adopted its budget for the year just ended.

Question

The Wayne City Council approved and adopted its budget for the year just ended. The budget contained the following amounts:

           Estimated revenues control $700,000

           Appropriations control 660,000

           Authorized interfund transfer to the debt service fund 30,000

       During the year, various transactions and events occurred that affected the general fund:

           Property taxes assessed                      $800,000

           Uncollectible taxes 100,000

           Interfund transfer to the debt service fund    30,000

           Interfund reimbursement received               40,000

           Expenditures 700,000

       Determine which accounts are affected when recording the adopted budget

       in the general fund. Enter the correct amounts in the debit and credit

       fields by account. If the account is not affected, leave the

       corresponding boxes blank.

   Debit   

  Credit

1. Estimated Revenues

2. Budgetary fund balance

3. Appropriations

4. Estimated other financing uses—

      interfund transfers

5. Expenditures

   Debit   

  Credit

1. Estimated Revenues

2. Budgetary fund balance

3. Appropriations

4. Estimated other financing uses—

      interfund transfers

5. Expenditures

Explanation / Answer

Debit Credit 1. Estimated Revenues 700000 2. Budgetary fund balance 3. Appropriations 4. Estimated other financing uses— 10000       interfund transfers 5. Expenditures 660000

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