Carolyn Ellis, the city council president, put the following on the screen for the council to consider in adopting the FY 2020 budget for the town of Hot Coffee, MS:

FY 2020 Estimated Revenues: Property Taxes Fines and Forfeits Charges for Services Sales Taxes S 840,000 66,000 145,000 779,000 $1,830,000 Total Estimated Revenues Appronriations: Public Works Public Safety Education General Government S 325,000 614,000 589,000 380,000 $1,908,000 Total Appropriations Estimated Other Financing Sources: Transfers from the State of Mississippi S 98,000 The City Council approved the budget for FY 2020. Instructions: 1. Prepare the journal entry to record the adopted FY 2020 budget. You may record in one or two entries: 2. Is this a surplus or deficit budget? Explain 3. Does the FY 2020 budget meet interperiod equity? Explain. 4. Can this budget be adopted? Explain