The council of the Town approved the 2017 budget as follows: Budgeted 2017 revenues...
- The council of the Town approved the 2017 budget as follows:
Budgeted 2017 revenues from:
Property taxes $4,000,000
Sales taxes $3,000,000
Appropriations for 2017:
Salaries $3,000,000
Materials $ 2,000,000
Equipment $1,000,000
During 2017, the town presented a budget revision to increase the amount of appropriation for salaries by $300,000. The council approved this budget revision.
Required:
a. Prepare the general journal entry necessary to initially record the budget.
b. Prepare the general journal entry necessary to record the budget revision.
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The council of the Town approved the 2017 budget as
follows:
Budgeted 2017
revenues...
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