The town council adopted an annual budget estimating general revenues of $6,000,000, approved expenditures of $4,500,000 and other financing to be transferred to other funds of $1,557,000.

A. Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund-Based Financial Statements

B. Prepare all the required journal entries and identify the type of activity for the Government wide Financial Statements