The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government.Note: Enter debits before credits. TransactionGeneral JournalDebitCredit02

Answered: The budget was passed. Estimated…

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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The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
02

Expert Solution

Step 1: Introduction:

Recording of journal entries is initial step used in accounting cycle process. As per debit and credit rules, atleast one account must be debited and atleast one account will be credited as per rules of debit and credit.

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