Problem 2. The City of Franklin has adopted the General Fund budget for the next

Question

Problem 2. The City of Franklin has adopted the General Fund budget for the next fiscal year. The details of the budget are: Revenue and other financial sources: Property taxes Fines State and federal grants Estimated receipt of funds from the closing of the Municipa $500,000 50,000 75,000 Swimming Pool, account for as an Enterprise Fund Estimated receipt from Water Utility Fund to finance 15,000 Expenditures (not in lieu of property taxes) 50,000 Expenditures and other uses: Equipment purchases General operations Estimated transfer to Debt Service fund to pay interest on $150,000 450,000 bond indebtedness 30,000 Instructions Prepare journal entries to record the budget for the City of Franklin.

Explanation / Answer

General Journal Debit Credit Estimated Revenues (500,000 + 50,000 + 75,000) $625,000 Estimated Other Financing Sources (15,000 + 50,000) $65,000 Appropriations (150,000 + 450,000) $600,000 Estimated Other Financing Uses $30,000 Budgetary Fund Balance - Unassigned $60,000

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