Chapter 3 Recording the Annual Budget The following budget for the General Fund of the City of Bingham was legally adopted for the fiscal year ending December 31, 2023. Estimated Revenues: Property Taxes $3,500,000 Sales Taxes 325,000 Interest and Penalties on Taxes 11,000 Licenses and Permits 240,000 Fines and Forfeits 210,000 Intergovernmental Revenue 250,000 Charges for Services 110,000 Total Estimated Revenues $4,646,000 Appropriations: General Government $1,615,000 Public Safety 1,985,000 Public Works 865,000 Culture and Recreation 159,000 Total Appropriations $4,624,000 Estimate Other Financing Sources and Uses: Interfund Transfers Out $20,000 Required After opening the data file you created for Chapter 2 of this project, record the budget in the general journal, providing entries in the Detail Journal when directed. Begin by selecting [General Fund] in the Current Accounting Entity dropdown menu from the [Journal] tab. Click on the [Add new entry] to start your entry In the [Year] field, be sure to select the year 2023. Enter 3-a in the [Add description] field. Select "Estimated Revenues" in the drop down [Account] window. Click [Add subsidiary] to go to the Detail Journal where you will enter the detail for each estimated revenue source. In the Detail Journal, select Budget Authorization from the dropdown menu for [Description]. When you have finished entering the estimated revenue detail information, verify that the correct balance is shown in the Detail Journal, then click on [Add entry and return to Journal] and the total estimated revenues will be entered in the general journal Estimated Revenues control account. Follow the same procedure to record the budget detail for Appropriations. To complete the budgetary entry credit Estimated Other Financing UsesInterfund Transfer Out and debit or credit Budgetary Fund Balance as appropriate to balance the budgetary entry. Note that budgetary entries have no effect on governmental activities at the government-wide level and thus the budget information is only recorded in the General Fund. When you are satisfied you have made the entries correctly, post them to the General Ledger by clicking on [Post entries]. Before posting, or after unposting as described previously, you can edit your journal entries by placing the cursor in the line you want to edit, then right-clicking and selecting Edit. After unposting, any entry can be edited or deleted, and any omitted entry can be inserted above or below a highlighted entry. Note that the Insert Entry function will work if you are inserting an entry prior to a balance sheet account. However, it will not work when inserting an entry prior to any account that has an associated subsidiary ledger (e.g., estimated revenues, expenditures). Go to [Reports],print the pre-closing subsidiary ledgers and pre-closing trial balance for year 2023 from the Reports window for retention in your cumulative file until directed by your instructor to submit them, or save and submit these documents electronically if directed to do so by your instructor. (As of this time, only the budget has been recorded.) This is your last opportunity to print or export these documents with budget information only.. After operating transactions have been journalized and posted in Chapter 4, subsidiary ledgers and trial balances will contain both budgetary and operating accounts and balances. Before closing the City of Bingham it is recommended that you save a backup copy of your work to another location by clicking on [File] and [Save As] for Windows and Mac.