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16 October, 03:11

The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that included revenues of $1,342,500, bond proceeds of $595,000, appropriations of $960,000, and operating transfers out of $532,500. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year

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  1. 16 October, 03:27
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    The Journal entry at the beginning of the year is as follows:

    Estimated revenue A/c Dr. $1,342,500

    Estimated other financing sources-Bonds proceeds A/c Dr. $595,000

    To Appropriations control $960,000

    To Appropriations-Other financing uses-operating transfer outs $532,500

    To Budgetary fund Bal. $445,000

    (To record entry at the beginning of the year)
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