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larisa86 [58]
3 years ago
6

The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017, that includ

ed revenues of $1,342,500, bond proceeds of $595,000, appropriations of $960,000, and operating transfers out of $532,500. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year
Business
1 answer:
Aleks04 [339]3 years ago
8 0

Answer:

The Journal entry at the beginning of the year is as follows:

Estimated revenue A/c                      Dr. $1,342,500

Estimated other financing sources-Bonds proceeds A/c Dr. $595,000

To Appropriations control                                                                     $960,000

To Appropriations-Other financing uses-operating transfer outs     $532,500

To Budgetary fund Bal.                                                                        $445,000

(To record entry at the beginning of the year)

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