Option #1:Budgets Journal Entries

Please provide responses in Excel to the following scenario:

1. Prepare the General Ledger journal entries for the General Fund for the City of Corona for the fiscal year ended May 31, 2018.

a. The budget was formally adopted. Estimated revenues are $8,520,000 and appropriations are estimated to be $8,204,500.

b. Revenues were received for $6,562,000.

c. Purchase orders were issued for $2,950,000.

d. Purchase orders were filled for $2,436,000. The invoice amount was $2,443,000, which has been paid.

e. Expenditures, not encumbered, amounted to $3,225,000 which was paid.