The council of the Town of Tulia approved the 2013 budget as follows: Budgeted 2013 revenues...

 

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The council of the Town of Tulia approved the 2013 budget as follows: Budgeted 2013 revenues from: Property taxes Sales taxes $5,000,000 $1,000,000 Appropriations for 2013: $4,600,000 $1,200,000 $100,000 Salaries Materials Equipment During 2013, the town's mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision. Required: Prepare the general journal entry necessary а. to initially record the budget. b. Prepare the general journal entry necessary to record the budget revision. The council of the Town of Tulia approved the 2013 budget as follows: Budgeted 2013 revenues from: Property taxes Sales taxes $5,000,000 $1,000,000 Appropriations for 2013: $4,600,000 $1,200,000 $100,000 Salaries Materials Equipment During 2013, the town's mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision. Required: Prepare the general journal entry necessary а. to initially record the budget. b. Prepare the general journal entry necessary to record the budget revision.

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Answer Journal Entry General Journal Estimated Reven... View the full answer