The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2021, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000.Required:If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year?

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The Answer of The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2021, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000.Required:If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year?

The Board of Commissioners of the City of Scranton Adopted