Question
Problem 2 . The City of Franklin has adopted the General Fund budget for the next fiscal year. The details of the budget are: Revenue
Problem 2. 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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