Problem - Governmental Budget
A budget for City has been approved and the following information is available:
• Estimated inflow from revenue $900,000
• Estimated inflow from general long term debt $100,000
• Transfer from other funds $250,000
• Sales of fixed Assets $300,000
• Estimated outflows expenditures$1,200,000
• Transfer to other funds $ 370,000
Record the above events in a general journal.