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

Question:

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

Estimated revenues:
Taxes .............................................................$15,000,000
Intergovernmental revenues .........................1,000,000
Licenses and permits .........................................400,000
Fines and forfeits ................................................150,000
Miscellaneous revenues ....................................100,000
Total estimated revenues ..........................$16,650,000
Appropriations:
General government ......................................$8,000,000
Public safety ......................................................6,000,000
Public works ......................................................1,550,000
Health and welfare ..............................................950,000
Miscellaneous .......................................................100,000
Total appropriations .....................................$16,600,000


Required
Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. Show entries in the subsidiary ledger accounts as well as the general ledger accounts.

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Accounting for Governmental and Nonprofit Entities

ISBN: 978-1259917059

18th edition

Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely

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