Mayor of Munchkin City adopted a General Fund budget for the year ending May 31, 201...

Mayor of Munchkin City adopted a General Fund budget for the year ending May 31, 201 9 . The budget showed revenues of $ 4 ,2 1 0,000, bond proceeds of $ 1,024 ,000, appropriations of $ 3 , 975 ,000, and operating transfers of $ 935 ,000. Prepare journal entry showing budget integration into fund accounting record

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Expert Solution

The journal entry to open the budget would be:

Estimated revenues (debit) $4,210,000

Estimated other financing sources (debit) $1,024,000

To Budgetary fund balance – unreserved (credit) $324,000

To Appropriations (credit) $3,975,000

To Estimated other financing uses (credit) $935,000

ekkarill92 answered 8 months ago

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