During the year, the Cortlandt City Council approves a budgetary interchange, increasing fire department overtime by $8,000 and decreasing fire department supplies by $8,000. As a result

Question

Quizplus · Accepted Answer

In a budgetary interchange, the total amount budgeted for the department itself does not change. The changes take place within two objects of expenditure for the same department. When journal entries are made to record an adopted budget, estimated appropriations are recorded using the opposite of the entry for actual expenditures.

During the Year, the Cortlandt City Council Approves a Budgetary