Question

The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes $ 3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 4,650,000 Appropriations: General government $ 1,000,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous 50,000 Total appropriations $ 4,850,000

Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Answer:

Date	General Journal	Debit	Credit
2017	Estimated Revenues	$ 4,650,000
	Budgetary Fund Balance	$200,000
	Appropriations		$ 4,850,000
	To record the budget Appropriations

or

Date	Particulars	Debit Amount	Credit Amount
Begin 2017	Estimated Tax Revenue	3,000,000
	Estimated Intergovermental Revenue	1,000,000
	Estimated licence & permit revenue	400,000
	Estimated fine revenue	150,000
	Estimtated Misc revenue	100,000
	To Estimated Govt Expense		1,000,000
	To Estimated Public Safety Expense		2,000,000
	To Estimated public works expense		950,000
	To Estimated Health Expense		850,000
	To Estimated Misc Expense		50,000
	To Budgetory Fund Balance		200,000