Question
Problem 1 . The City of Franklin has adopted the General Fund budget for the next fiscal year. The details of the budget are: Revenue
Problem 1. The City of Franklin has adopted the General Fund budget for the next fiscal year. The details of the budget are:
| Revenue and other financial sources: |
|
| Property taxes | $500,000 |
| Fines | 50,000 |
| State and federal grants | 75,000 |
| Estimated receipt of funds from the closing of the Municipal |
|
| Swimming Pool, account for as an Enterprise Fund | 15,000 |
| Estimated receipt from Water Utility Fund to finance |
|
| Expenditures (not in lieu of property taxes) | 50,000 |
|
|
|
| Expenditures and other uses: |
|
| Equipment purchases | $150,000 |
| General operations | 450,000 |
| Estimated transfer to Debt Service fund to pay interest on |
|
| bond indebtedness | 30,000 |
Instructions
Prepare journal entries to record the budget for the City of Franklin
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Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
16th edition
978-1259277160
