Problem: (Budgetary accounting)
Sleepy Hollorv's General Fund budget for fiscal 2013 is based on the following estimated revenues and appropriations. Is Sleepy Hollow projecting a budgetary surplus or a deficit for 2013? Prepare the journal entry to record the 2013 budget.
| Estimated Revenue |
Appropriations |
| Property taxes $2,000,000 |
Administration $425,000 |
| Sales taxes 720,000 |
Public safety 1,500,000 |
| Llcenses and permits 120,000 |
Streets 630,000 |
| Fines and forferts 8,500 |
Parks and recreation 367,000 |