Question

The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $14,000,000 1,250,000 460,000 200,000 150,000 $16,060,000 $ 7,750,000 5,900,000 1,450,000 850,000 50,000 $16,080, eee Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

A-l Record Budget Appropriations Date General Journal Debit Credit Estimated Revenues Julyoll $ 16060000 $60000 Budgetary fund balances Appropriations $16000000

A-2 TOWN OF WILLINGDON Revenue Ledger Revenue Account Title Est. Revenues crcor) Dr. (Cr) Taxes $14000000 Year Balance Dr (ar) $ 14000000 $1525 0000 Julyol Julyou intengover mental Revenue 41250000 Julyou licenses and Permits $ 460000 Julyol | Fines and forfeits $ 200 000 Julyou (Miscellaneous Regencie $ 150 000 $15 710000 $15910000 $1606000 Revenues

TOWN OF WILLING DON Appropriations Ledger I Encombrances! Account ! Description | Encumbrances! Enlumbrances Balance increases Decrease Oreco) Appropriati Color) Balance C%. (Dr) ol Dr. General Goveyment Expenditurrel Balance Dre(8) $7750 000 $ 7750000 $5900 000 $13650000 $1450 000 $15100000 Public Safety Public Works Health and Welfare #850000 15950000 Miscellaneous $50000 $16000000