Question

In: Accounting

(Recording the budget and a budget revision)             The council of the Town of Tulia approved...

(Recording the budget and a budget revision)

            The council of the Town of Tulia approved the 2013 budget as follows:

            Budgeted 2013 revenues from:

               Property taxes                                             $5,000,000

               Sales taxes                                                  $1,000,000

            Appropriations for 2013:

               Salaries                                                       $4,600,000

               Materials                                                     $1,200,000

               Equipment                                                      $100,000

During 2013, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision.

            a.         Prepare the general journal entry necessary to initially record the budget.

            b.         Prepare the general journal entry necessary to record the budget revision.

Solutions

Expert Solution

Answer
Sr.N General Journal Debit Credit
A Estimated property tax revenue $       50,00,000
Estimated sales tax revenue $       10,00,000
   To appropriation for salary $       46,00,000
   To appropriation for Material $       12,00,000
   To appropriation for Equipment $          1,00,000
   To Budgetary fund balance $          1,00,000
(To record budget entry )
B Budgetary fund balance $             10,000
   To appropriation for salary $             10,000
( To record revision in budget made )
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