The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30, 2011, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers out of $390,000.
Required:
If this budget was formally integrated into the accounting records used to produce the Fund-Based Financial Statements, what was the required journal entry at the beginning of the year?

Question

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The Answer of The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30, 2011, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers out of $390,000.
Required:
If this budget was formally integrated into the accounting records used to produce the Fund-Based Financial Statements, what was the required journal entry at the beginning of the year?

The Board of Commissioners of the City of Jarmaine Adopted