Given the following information, create the journal entries required for each of the situations described:
|
Estimated revenues
|
|
|
Property taxes
|
$1,250,000
|
|
Fines and forfeits
|
80,000
|
|
Intergovernmental
|
500,000
|
| |
|
|
Total
|
$1,830,000
|
| |
|
|
Appropriations
|
|
|
General
|
$300,000
|
|
Streets
|
50,000
|
|
Public safety
|
800,000
|
| |
|
|
Total
|
$ 1,150,000
|
- Make the journal entry to record the adoption of the annual budget.
- Make the journal entries necessary to record the following cash revenues that were received: