In: Accounting
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
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