Prepare the journal entry in fund-based and government-wide journals to record each of the following transactions.

1) At the beginning of the year, the general budget for the city was approved. The city expects to receive $6,500,000 in property taxes and $400,000 from an unrestricted federal grant to be used for normal operating purposes. The city anticipates total expenditures of $6,700,000 for general operations and $150,000 in transfers to other funds.

Fund-based Journal Government-wide Journal