During the year, the City made a single budget revision. Prepare the journal entry to record the
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During the year, the City made a single budget revision. Prepare the journal entry to record the revision.
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City of Veronna Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2019 Actual Amounts Budgeted Variance with (Budgetary Basis) Final Budget Original Final Revenues: Taxes $6,500,000 $6,465,000 $ 6,480,000 $ 15,000 Licenses 230,000 230,000 225,000 (5,000) Intergovernmental 1,200,000 1,200,000 1,200,000 Miscellaneous 120,000 104,000 106,000 2,000 Total Revenues 8,050,000 7,999,000 8,011,000 12,000 Expenditures and Encumbrances: General Government 2,700,000 2,602,000 2,503,500 98,500 Public Safety 4,050,000 4,200,000 4,215,000 (15,000) Health and Welfare 1,230,000 1,220,000 1,198,000 22,000 Total expenditures and encumbrances 7,980,000 8,022,000 7,916,500 105,500 Net Change in Fund Balance Fund Balance - Beginning 70,000 (23,000) 94,500 117,500 350,000 350,000 350,000 Fund Balance - Ending $ 420,000 $ 327,000 $ 444,500 $ 117,500 City of Veronna Budgetary Comparison Schedule General Fund For the Year Ended December 31, 2019 Actual Amounts Budgeted Variance with (Budgetary Basis) Final Budget Original Final Revenues: Taxes $6,500,000 $6,465,000 $ 6,480,000 $ 15,000 Licenses 230,000 230,000 225,000 (5,000) Intergovernmental 1,200,000 1,200,000 1,200,000 Miscellaneous 120,000 104,000 106,000 2,000 Total Revenues 8,050,000 7,999,000 8,011,000 12,000 Expenditures and Encumbrances: General Government 2,700,000 2,602,000 2,503,500 98,500 Public Safety 4,050,000 4,200,000 4,215,000 (15,000) Health and Welfare 1,230,000 1,220,000 1,198,000 22,000 Total expenditures and encumbrances 7,980,000 8,022,000 7,916,500 105,500 Net Change in Fund Balance Fund Balance - Beginning 70,000 (23,000) 94,500 117,500 350,000 350,000 350,000 Fund Balance - Ending $ 420,000 $ 327,000 $ 444,500 $ 117,500
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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