Record the entry for the annual budget at the beginning of the year. (General Fund) Record the end-of-year removal of budget entry. (General Fund) The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2020. It includesrevenues of $1,000,000, bond proceeds of $400,000, appropriations of $900,000, and operating transfers out of $300,000.a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year?b. If this budget is formally integrated into the accounting records, what later entry is required?Complete this question by entering your answers in the tabs below.Required A Required BIf this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? (If no entryis required for a transaction/event, select "No journal entry required" in the first account field.)View transaction list Journal entry worksheet1Record the entry for the annual budget at the beginning of the year. (GeneralFund)Note: Enter debits before credits.Transaction1Record entryGeneral JournalClear entryDebitCreditView general journal

DateAccountDrCrestimated revenue control$1,000,000estimated other financing sources-bond proceeds$400,000appropriations control$900,000appropriations-other financing uses-operating transfers out$300,000fund balance$200,000DateAccountDrCrappropriations control$900,000appropriations-other financing sources-operating transfers out$300,000fund balance$200,000estimated revenues control$1,000,000estimated other financing sources-bond proceeds$400,000The journal entries are prepared in step 1 and step 2.

Business

Accounting

a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required?

a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required?

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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