Homework Answers
Solution
Journal entry to record the budget transaction:
1) Appropriations Police Department Dr. $53575129
Fire and Emergency Services Dr. $32650289
All Other Dr. $90757385
To Property Tax $ 57700000
To Sales Tax $ 34111580
To All Other $ 85171223
( Being a recording of estimate revenue and estimated expenses for the general fund budget.)
2) Appropriations Police Department Dr. $1250000
To General Fund Budget Deficit $ 1250000
(Being Estimated expense is recognized)
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