The town council adopted an annual budget estimating general revenues of $2,400,000, approved expenditures for general town operations of $2,000,000, and use of other financing resources of $160,000.Required:Prepare the journal entry to record the budget and identify the fund in which it is recorded.

Question

Quizplus · Accepted Answer

The Answer of The town council adopted an annual budget estimating general revenues of $2,400,000, approved expenditures for general town operations of $2,000,000, and use of other financing resources of $160,000.Required:Prepare the journal entry to record the budget and identify the fund in which it is recorded.

The Town Council Adopted an Annual Budget Estimating General Revenues