Question

Creating journal entries for government budget for the start of fiscal year. must include subsidiary and general ledger. Just not sure if I have done this right. here is the information

Estimated revenues:

taxes 15,000,000

Intergovernmental revenues 1,000,000

Licences and permits 400,000

fines and forfeits 150,000

Miscellaneous revenues 100,000

total estimated revenues 16,650,000

Appropriations

General Government 8,000,000

public safety 6,000,000

public works 1,550,000

health and welfare 950,000

miscellaneous 100,00

total appropriations 16,600,000

Answer 1

All amounts are in $

General Ledger (at start of the year - July 1st)

Estimated Revenue a/c $16,650,000

To Budgetary fund balance a/c $50,000

To Appropriations a/c $16,600,000

(Entry accounted based on the budget)

Subsidiary legders :

Revenue Ledger -

Date	Account	Estimated Revenue Dr(Cr)	Revenue Cr(Dr)	Blance Dr(Cr)
July 1	Taxes	15,000,000		15,000,000
July 1	Intergovernmental revenues	1,000,000		1,000,000
July 1	license and permits	400,000		400,000
July 1	fines and forfeits	150,000		150,000
July 1	miscellaneous revenue	100,000		100,000

Appropriation ledger -

Account	Encumbrances Increase (Dr)	Encumbrances Decrease (Cr)	Encumbrances Balance Dr(Cr)	Expenditure Dr(Cr)	Expenditure Balance Dr(Cr)	Appropriation Cr(Dr)	Balance Cr(Dr)
General Government						8,000,000	8,000,000
Public safety						6,000,000	6,000,000
Public works						1,550,000	1,550,000
Health & welfare						950,000	950,000
Miscellaneous						100,000	100,000