As of January 1, 20X2, the City Council approved and the mayor signed a budget calling for $8,000,000 in estimated imposed and derived non-exchange revenues, $600,000 in estimated state grants, $6,000,000 in estimated expenditures and $1,500,000 to be transferred to debt service funds for the payment of principal and interest. Journal Entry would be?
As of January 1, 20X2, the City Council approved and the mayor signed a budget calling for $8,000,000 in estimated imposed and derived non-exchange revenues, $600,000 in estimated state grants, $6,000,000 in estimated expenditures and $1,500,000 to be transferred to debt service funds for the payment of principal and interest. Journal Entry would be?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
As of January 1, 20X2, the City Council approved and the mayor signed a budget calling for $8,000,000 in estimated imposed and derived non-exchange revenues, $600,000 in estimated state grants, $6,000,000 in estimated expenditures and $1,500,000 to be transferred to debt service funds for the payment of principal and interest.
Journal Entry would be?
Expert Solution
Step 1
Fund-based accounting:
An accounting system in which transfers of certain specific funds have been recorded is termed fund-based accounting. In this accounting system, all the revenues have been recorded and the transfer of funds against that revenue is to be recorded.
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