The board of commissioners of the Metro City adopted a General Fund budget for the year ending June 30, 2020, which indicated revenues of $3,800,000, bond proceeds of $520,000, appropriations of $900,000 for salaries, $800,000 for advertising, $400,000 for supplies, and $600,000 for utilities, and operating transfers out of $980,000. Entry is recorded in the general fund Estimated Revenues 3,800,000 Estimated financing 520,000 Appropriation 2,700,000 Estimated financing use 980,000 Budgetary Fund Balance 640,000 2.On March 12, 2020, Metro City ordered a new computer at an anticipated cost of $214,000. The computer was received on April 16 with an actual cost of $216,200. The payment was subsequently made on May 15, 2020.

For each of the following transactions:

a.Identify the fund in which the entries are recorded. 

b.Prepare the necessary journal entries. Only make the entries for the Fund-Based Financial Statements for the fiscal year ended 6/30/2020. 

Answer rating: 100% (QA)

Date particulars Debit Credit 03122020 214000 15052020 216200 10 This ent... View the full answer