The Wayne City Council approved and adopted its budget for the year just ended.

Question

The Wayne City Council approved and adopted its budget for the year just

       ended. The budget contained the following amounts:

           Estimated revenues control                   $700,000

           Appropriations control                        660,000

           Authorized interfund transfer to the debt

             service fund                                 30,000

       During the year, various transactions and events occurred that affected

       the general fund:

           Property taxes assessed                      $800,000

           Uncollectible taxes                           100,000

           Interfund transfer to the debt service fund    30,000

           Interfund reimbursement received               40,000

           Expenditures                                  700,000

       Determine which accounts are affected when recording the adopted budget

       in the general fund. Enter the correct amounts in the debit and credit

       fields by account. If the account is not affected, leave the

       corresponding boxes blank.

   Debit   

  Credit

1. Estimated Revenues

2. Budgetary fund balance

3. Appropriations

4. Estimated other financing uses—

      interfund transfers

5. Expenditures

   Debit   

  Credit

1. Estimated Revenues

2. Budgetary fund balance

3. Appropriations

4. Estimated other financing uses—

      interfund transfers

5. Expenditures

Explanation / Answer

Debit Credit 1. Estimated Revenues 800000 2. Budgetary Fund Balance 40000 3. Appropriations 4. Estimated other Financiang users Inter fund transfers 30000 5. Expenditures 700000

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