Question

The Town of Willingdon adopted the following General Fund budget for fiscal year 2017:

  

Estimated revenues:
Taxes	$	14,900,000
Intergovernmental revenues		1,025,000
Licenses and permits		418,000
Fines and forfeits		155,000
Miscellaneous revenues		105,000
Total estimated revenues	$	16,603,000
Appropriations:
General government	$	7,975,000
Public safety		5,990,000
Public works		1,540,000
Health and welfare		940,000
Miscellaneous		95,000
Total appropriations	$	16,540,000

  

Required
a-1.	Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a-2.	Show entries in the subsidiary ledger accounts.

Just missing a-2 help plzz!

Answer 1

a-1	Journal enties to record adopted budget
Date	Accounting Titles Explanation	Debit	Credit
	Estimated Revenue	$16,603,000
	Budgetary Fund Balance		$63,000
	Appropriations		$16,540,000
a-2	Taxes	$14,900,000
	Intergovernmental revenues	$1,025,000
	Licenses and permits	$418,000
	Fines and forfeits	$155,000
	Miscellaneous revenues	$105,000
	Budgetary Fund Balance		$63,000
	General government		$7,975,000
	Public safety		$5,990,000
	Public works		$1,540,000
	Health and welfare		$940,000
	Miscellaneous		$95,000