he Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...

he Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1:


Estimated revenues:
Taxes	$	14,700,000
Intergovernmental revenues		1,075,000
Licenses and permits		420,000
Fines and forfeits		165,000
Miscellaneous revenues		115,000
Total estimated revenues	$	16,475,000
Appropriations:
General government	$	7,925,000
Public safety		5,970,000
Public works		1,520,000
Health and welfare		920,000
Miscellaneous		85,000
Total appropriations	$	16,420,000

Required

a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (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.

Expert Solution

A.1

Year	Account Title and Explanation	Debit	Credit
	Estimated Revenue	$16,475,000
	Budgetary Fund Balance		$55,000
	Appropriations		$16,420,000

A.2 ) Town of Wellington Revenues Ledger

Year	Account Title	Estmated Revenue	Revenue	Balance
	Taxes	$14,700,000		$14,700,000
	Intergovernmental Revenues	$1,075,000		$15,775,000
	Licenses and Permits	$420,000		$16,195,000
	Fined and Forfieits	$165,000		$16,360,000
	Miscellaneous Revenues	$115,000		$16,475,000

Town of Willington Appropriation Ledger

Decscription	Encumbrance Increase (Dr)	Encumbrance Decrease (Cr)	Encumbrance Dr (Cr)	Expenditure Dr (Cr)	Expenditure BalanceDr (Cr)	AppropriationsCr (Dr)	BalanceCr (Dr)
General						$7,925,000	$7,925,000
Government						$5,970,000	$13,895,000
Public Safety						$1,520,000	$15,415,000
Public Work						$920,000	$16,335,000
Health & Wealfare						$85,000	$16,420,000

ekkarill92 answered 3 years ago

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