(Recording thebudget and a budget revision)
The council of the Town of Tulia approved the 2013 budget asfollows:
Budgeted 2013 revenues from:
Propertytaxes $5,000,000
Salestaxes $1,000,000
Appropriations for 2013:
Salaries $4,600,000
Materials $1,200,000
Equipment $100,000
During 2013, thetown’s mayor presented the council with a budget revision toincrease the amount of appropriation for salaries by $10,000. Thecouncil approved this budget revision.
a. Prepare thegeneral journal entry necessary to initially record the budget.
b. Prepare thegeneral journal entry necessary to record the budget revision.
