The City of Portland has the following budget data for one of its Special Revenue Funds for the upcoming fiscal year: Estimated Revenues: $7,900,000 Appropriations: $8,900,000 Estimated Other Financing Sources: $1,100,000 The city just approved the budget and these amounts. Prepare the necessary budgetary journal entry in the General Ledger to record the budget.

The City of Portland has the following budget data for one of its Special Revenue Funds for the upcoming fiscal year: Estimated Revenues: $7,900,000 Appropriations: $8,900,000 Estimated Other Financing Sources: $1,100,000 The city just approved the budget and these amounts. Prepare the necessary budgetary journal entry in the General Ledger to record the budget.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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