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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
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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