1. The board of commissioners of the city of Vaden adopted a General Fund budget for the year ending June 30, 2020, which indicated revenues of $1,500,000, bond proceeds of $720,000, appropriations of $1,380,000, and operating transfers out of $285,000. Required: If this budget was formally integrated into the accounting records used to produce the Fund Based financial statements, what was the required journal entry at the beginning of the year