5. The Adam City adopted the following General Fund Budget for the fiscal year 2019: Estimated Revenues: Taxes Intergovernmental OMR3,800,00 0 900,000 revenues Licenses & Permits 350,000 Traffic Fines 120,000 90,000 5,260,000 Miscellaneous revenues Total Estimated Revenues Business Administration Program Final Assessment Semester Fall 2020 Appropriations: General Government OMR1,100,00 0 Public Safety 2,300,000 Public works 1,150,000 Health & welfare 880,000 Miscellaneous 70,000 Total Appropriations 5,500,000 Required: a. Assuming that the city ordinance mandates a balance budget, what must be the minimum amount in the Fund Balance account of the General Fund at the beginning of the fiscal year. (1 mark) b. Prepare the general journal entries to record the adopted budget at the beginning of fiscal year. Show entries in the subsidiary ledger accounts as well as the general ledger accounts. (4 marks)