The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated...

Question:

The Town of Willingdon adopted the following General Fund budget for fiscal year 2017:

Estimated revenues:

Taxes $15,600,000

Intergovernmental revenues 850,000

Licenses and permits 390,000

Fines and forfeits 120,000

Miscellaneous revenues 70,000

Total estimated revenues $17,030,000

Appropriations:

General government $8,150,000

Public safety 6,060,000

Public works 1,610,000

Health and welfare 1,010,000

Miscellaneous 130,000

Total appropriations $16,960,000

Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

General fund:

"General fund"is the fund specially used by the government organisation or non profit associations.This fund is not associated with the any special activities related fund but it is related to government organisation.

Answer and Explanation: 1

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The general journal entries to record the adopted budget at the beginning of FY 2017 is as follows:

Account $ Debit ...

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Start-Up Budget: Definition & Example

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Chapter 3 / Lesson 12
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To begin operations, a company needs a start-up budget to identify how it will spend its capital and fund its initial expenses. Explore the definition and an example of a start-up budget and review other items to consider, such as licensing fees and employee expenses, to better understand how different types of businesses use start-up budgets.


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