Question

please explsin when plugging in on statement

Following is a summary of the operating budget adopted by Westchester County, New York for the calendar year 2017. The actual budget document is almost 750 pages, so the summary is highly condensed. Prepare the journal entry to record the budget assuming that the detail will be separately recorded. Estimated revenues and other sources Real property taxes $ 54 423 458 Sales tax 517.550.000 Federal and state and 431229570 Departmental income 151.405 650 Other revenues 15.04.09 Total stated revenues 1.310.01.31 Appropriate previously accumulated fund balance 15.000.000 Total estimated revenues and other sources 51025011701 Appropriation General Government and subcort Home and community. Heath services Education public safety. Correction courts Road transportation and foc O Search

Answer 1

Recording of budgeted revenues
	Real property taxes    A/C          Dr.	548423468
	Sales tax    A/C          Dr.	517559000
	Federal & state aid    A/C          Dr.	433229570
	Departmental income    A/C          Dr.	151405650
	Other revenues    A/C          Dr.	159394093
	To Income & expenditure A/C		1810011781
	[Being estimated revenue recorded to income & expediture statement]
Recording of budgeted expenses
	Income & expenditure A/c Dr.	1825011781
	To    General government and support		49275122
	To    Home and community service		614816681
	To    Health service		149224687
	To    Education		29833371
	To    Public safety correction courts		223582214
	To    Roads, transportation, parks facilities		217729956
	To    Miscellaneous and fixed		540549750
	[Being estimated expenses recorded to income & expenditure statemen]
	Accumulated reserve fund A/C	15000000
	To Income & expenditure A/C		15000000
	[Being budget deficit to be transferred to income & expenditure statement, which is to be utilised from accumulated reserves]