(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.

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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