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A municipality gives recognition to the adoption of its general fund budget by recording it...

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Accounting

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A municipality gives recognition to the adoption of its general fund budget by recording it in the General Ledger. Prepare journal entries to record the following transactions. 1. Budgeted property tax revenues are $706,000 and appropriated property tax expenditures are $700,000. 2. Actual property tax revenues are $702,000 and actual property tax expenditures are $670,000. Assume that all revenues are received in cash and all expenditures are paid in cash

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