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As of January 1, 2020, the City Council approved and the mayor signed a budget calling for $11,150,000 in property tax and other revenue, $9,380,000 in appropriations for expenditures, and $1,700,000 to be transferred to two debt service funds for the payment of principal and interest.

Required:
Record the budget for the General Fund and post to the ledger.

Respuesta :

Answer:

a. Net change in fund = $70,000

b. See the attached excel file for the ledger.

Explanation:

a. The Budget for the General Fund can be prepared as follows:

City Council

Budget for the General Fund

For January 1, 2020

Details                                                            Amount ($)    

Revenue:

Property tax and other revenue                    11,150,000

Expenditure:

appropriations for expenditures                  (9,380,000)  

Excess of revenue over expenditures          1,770,000

Other Financing Sources (Uses):

Transfer out                                                   (1,700,000)  

Net change in fund                                          70,000    

b. Note: See the attached excel file for the ledger.

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