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Mayor of Munchkin City adopted a General Fund budget for theyear ending May 31,...

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Accounting

Mayor of Munchkin City adopted a General Fund budget for theyear ending May 31, 201 9 . The budget showed revenues of $ 4 ,2 10,000, bond proceeds of $ 1,024 ,000, appropriations of $ 3 , 975,000, and operating transfers of $ 935 ,000. Prepare journal entryshowing budget integration into fund accounting record

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The journal entry to open the budget would be:

Estimated revenues (debit)                        $4,210,000

Estimated other financing sources (debit)            $1,024,000

To Budgetary fund balance – unreserved (credit)             $324,000

To Appropriations (credit)                                                            $3,975,000

To Estimated other financing uses (credit)                            $935,000
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Transcribed Image Text

In: AccountingMayor of Munchkin City adopted a General Fund budget for theyear ending May 31, 201...Mayor of Munchkin City adopted a General Fund budget for theyear ending May 31, 201 9 . The budget showed revenues of $ 4 ,2 10,000, bond proceeds of $ 1,024 ,000, appropriations of $ 3 , 975,000, and operating transfers of $ 935 ,000. Prepare journal entryshowing budget integration into fund accounting record

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