Q1.The council of the Town of Tulia approved the 2023 budget as follows:

Budgeted 2023 revenues from:

Property taxes $5,000,000

Sales taxes $1,000,000

Appropriations for 2023:

Salaries $4,600,000

Materials $1,200,000

Equipment $100,000

During 2023, the towns mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision.

Required:

a. Prepare the general journal entry necessary to initially record the budget.

b. Prepare the general journal entry necessary to record the budget revision.