4. The board of commissioners of the city of Scranton adopted a general fund budget for the yearending June 30, 2024, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000,appropriations for government operations of $1,360,000, and operating transfers out of $425,000.Required:If this budget was formally integrated into the accounting records used to produce the governmentalfund financial statements, what was the required journal entry at the beginning of the year?Governmental Fund Financial Statements - General FundEstimated Revenues - Tax LevyEstimated Other Financing Sources - Bond ProceedsAppropriations - Government OperationsAppropriations - Other Financing Uses - Operating Transfers OutBudgetary Fund BalanceDebit1,500,000650,000Credit1,360,000425,000365,000

Therefore, the budgetary fund balance is $365,000.

4. The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2024, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000.

4. The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2024, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

4. The board of commissioners of the city of Scranton adopted a general fund budget for the year
ending June 30, 2024, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000,
appropriations for government operations of $1,360,000, and operating transfers out of $425,000.
Required:
If this budget was formally integrated into the accounting records used to produce the governmental
fund financial statements, what was the required journal entry at the beginning of the year?
Governmental Fund Financial Statements - General Fund
Estimated Revenues - Tax Levy
Estimated Other Financing Sources - Bond Proceeds
Appropriations - Government Operations
Appropriations - Other Financing Uses - Operating Transfers Out
Budgetary Fund Balance
Debit
1,500,000
650,000
Credit
1,360,000
425,000
365,000

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