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7. The board of commissioners of the city of Canton adopted a General Fund budget for...

7. The board of commissioners of the city of Canton adopted a General Fund budget for the year ending June 30, 2020, which indicated revenues of $5,600,000, bond proceeds of $200,000, and appropriations of $4,160,000.

Required:

If this budget was formally integrated into the accounting records used to produce the Fund Financial Statements, what was the required journal entry at the beginning of the year? At the end of the year?

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Answer #1
JOURNAL ENTRIES
ACCOUNT TITLES AND EXPLANATIONS DEBIT ($) CREDIT ($)
At the beginning of the year
Estimated Revenues Control    5,600,000.00
Estimated Other Financing Resources – Bond Proceeds       200,000.00
Appropriations Control     4,160,000.00
Fund Balance (Budgetary)     1,640,000.00
At the end of the year
Appropriations Control    4,160,000.00
Fund Balance (Budgetary)    1,640,000.00
Estimated Revenues Control     5,600,000.00
Estimated Other Financing Resources – Bond Proceeds       200,000.00
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