The Town of Willingdon adopted the following General Fund budget for fiscal year 2017:
Intergovernmental revenues 850,000
Licenses and permits 390,000
Fines and forfeits 120,000
Miscellaneous revenues 70,000
Total estimated revenues $17,030,000
General government $8,150,000
Public safety 6,060,000
Public works 1,610,000
Health and welfare 1,010,000
Total appropriations $16,960,000
Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
"General fund"is the fund specially used by the government organisation or non profit associations.This fund is not associated with the any special activities related fund but it is related to government organisation.
Answer and Explanation: 1
The general journal entries to record the adopted budget at the beginning of FY 2017 is as follows:
|Account||$ Debit ...|
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fromChapter 3 / Lesson 12
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.