The board of commissioners of the City of Hartmoore adopted a General Fund budge
ID: 2399000 • Letter: T
Question
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2015, that included revenues of $1,395,000, bond proceeds of $435,000, appropriations of $1,065,000, and operating transfers out of $530,000. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) a. View transaction list Journal entry worksheet Record the entry for annual budget at the beginning of the year - General Fund Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalExplanation / Answer
a.
Transaction
General Journal
Debit
Credit
1.
Estimated Revenues
$1,395,000
Estimated Other Financing Sources—Bond Proceeds
$435,000
Appropriations Control
$1,065,000
Appropriations-Other Financing Uses—Operating Transfers Out
$530,000
(Budgetary) Fund Balance
$235,000
b.
Transaction
General Journal
Debit
Credit
1.
Appropriations
$1,065,000
Appropriations-Other Financing Uses—Operating Transfers Out
$530,000
(Budgetary) Fund Balance
$235,000
Estimated Revenues
$1,395,000
Estimated Other Financing Sources—Bond Proceeds
$435,000
Transaction
General Journal
Debit
Credit
1.
Estimated Revenues
$1,395,000
Estimated Other Financing Sources—Bond Proceeds
$435,000
Appropriations Control
$1,065,000
Appropriations-Other Financing Uses—Operating Transfers Out
$530,000
(Budgetary) Fund Balance
$235,000
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