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The City of Rio Rancho adopted the following budget for the calendar year 2020: Revenues: Property taxes Miscellaneous revenues Appropriations: General government salaries Public safety salaries Public safety supplies Culture and recreation salaries and supplies Required: $8,000,000 700,000 a. b. 1,500,000 5,400,000 300,000 1,700,000 During the year the City decided to hold a special cultural event, which caused a need for additional police presence. To pay for the additional costs, the City Council revised the budget as follows: the appropriation for public safety salaries was increased by $30,000; the appropriation for culture and recreation salaries and supplies was increased by $25,000, and the appropriation for public safety supplies was decreased by $28,000. At the same time, because the event was expected to yield revenues, the Council increased estimated miscellaneous revenues by $20,000. 2 Prepare the general journal entry to record the budget. Prepare the general journal entry to record the budget revision.

The City of Rio Rancho adopted the following budget for the calendar year 2020: Revenues: Property taxes Miscellaneous revenues Appropriations: General government salaries Public safety salaries Public safety supplies Culture and recreation salaries and supplies Required: $8,000,000 700,000 a. b. 1,500,000 5,400,000 300,000 1,700,000 During the year the City decided to hold a special cultural event, which caused a need for additional police presence. To pay for the additional costs, the City Council revised the budget as follows: the appropriation for public safety salaries was increased by $30,000; the appropriation for culture and recreation salaries and supplies was increased by $25,000, and the appropriation for public safety supplies was decreased by $28,000. At the same time, because the event was expected to yield revenues, the Council increased estimated miscellaneous revenues by $20,000. 2 Prepare the general journal entry to record the budget. Prepare the general journal entry to record the budget revision.

FINANCIAL ACCOUNTING
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 City of Rio Rancho adopted the following budget for the calendar year 2020: Revenues: Property taxes Miscellaneous revenues Appropriations: General government salaries Public safety salaries Public safety supplies Culture and recreation salaries and supplies Required: $8,000,000 700,000 During the year the City decided to hold a special cultural event, which caused a need for additional police presence. To pay for the additional costs, the City Council revised the budget as follows: the appropriation for public safety salaries was increased by $30,000; the appropriation for culture and recreation salaries and supplies was increased by $25,000, and the appropriation for public safety supplies was decreased by $28,000. At the same time, because the event was expected to yield revenues, the Council increased estimated miscellaneous revenues by $20,000. a. b. 1,500,000 5,400,000 300,000 1,700,000 Prepare the general journal entry to record the budget. Prepare the general journal entry to record the budget revision.
Transcribed Image Text:The City of Rio Rancho adopted the following budget for the calendar year 2020: Revenues: Property taxes Miscellaneous revenues Appropriations: General government salaries Public safety salaries Public safety supplies Culture and recreation salaries and supplies Required: $8,000,000 700,000 During the year the City decided to hold a special cultural event, which caused a need for additional police presence. To pay for the additional costs, the City Council revised the budget as follows: the appropriation for public safety salaries was increased by $30,000; the appropriation for culture and recreation salaries and supplies was increased by $25,000, and the appropriation for public safety supplies was decreased by $28,000. At the same time, because the event was expected to yield revenues, the Council increased estimated miscellaneous revenues by $20,000. a. b. 1,500,000 5,400,000 300,000 1,700,000 Prepare the general journal entry to record the budget. Prepare the general journal entry to record the budget revision.
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