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Recording Budgets 1. A municipality gives recognition to the adoption of its general fund budget. Estimated total revenues are $706 million and appropriated total expenditures
Recording Budgets 1. A municipality gives recognition to the adoption of its general fund budget. Estimated total revenues are $706 million and appropriated total expenditures are $700 million. 2. It records revenues and expenditures during the year - all in cash and all as estimated. 3. It makes year-end closing entries. 4. It records revenues and expenditures assuming instead that actual revenues were $702 million and actual expenditures were $670 million. 5. It makes year-end closing entries. Link
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