Exercise 3-22 (Algo) Recording Adopted Budget [LO 3-5) The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July $15,400,000 900,000 410,000 130,000 80,000 $16,920,000 Estimated revenues: Taxes Intergovernmental revenues Charges for Services Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Culture and recreation Miscellaneous Total appropriations $ 8,100,000 6,040,000 1,590,000 990,000 120,000 $16,840,000 Required 3-1 Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year (ir no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet A Record the budget appropriations. Note: Enter debits before credits Date General Journal Debit Credit July 01 Record entry Clear entry View general journal 3-2. Show entries in the subsidiary ledger accounts. Date Revenues Cr(Dr) Balance Dr(Cr) July 01 July 01 July 01 July 01 July 01 TOWN OF WILLINGDON Estimated Revenues Ledger Account Title Est. Revenues Dr(Cr) Taxes Intergovernmental Revenues Charges for Services Fines and Forfeits Miscellaneous Revenues TOWN OF WILLINGDON Appropriations Ledger Encumbrances Balance Expenditures Dr(C) Dr|co) Account Description Encumbrances Increase DI Encumbrances Decrease Cr Expenditures Balance Dr(C) Appropriation C (D) Balance Cr(0 General Government Public Safety Public Works Culture and Recreation Miscellaneous 0 0 DO