Question
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes $ 14,900,000 Intergovernmental revenues 600,000
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: Estimated revenues: Taxes $ 14,900,000 Intergovernmental revenues 600,000 Charges for Services 810,500 Fines and forfeits 150,000 Miscellaneous revenues 98,200 Total estimated revenues $ 16,558,700 Appropriations: General government $ 5,400,000 Public safety 8,550,000 Public works 1,540,000 Culture and recreation 960,000 Miscellaneous 80,000 Total appropriations $ 16,530,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a-2. Show entries in the subsidiary ledger accounts.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started