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Recording the adopted budget Following is a summary of the operating budget adopted by Westchester County, New York for the calendar year 2017. The actual budget document is almost 750 pages, so the summary is highly condensed.
Prepare the journal entry to record the budget, assuming that the detail will be separately recorded. Estimated revenues and other sources:
Real property taxes $ 548,423,468
Sales tax 517,559,000
Federal and state aid 433,229,570
Departmental income 151,405,650
Other revenues 159,394,093
Total estimated revenues 1,810,011,781
Appropriated previously accumulated fund balance 15,000,000
Total estimated revenues and other sources $1,825,011,781
Appropriations: General government and support $ 49,275,122
Home and community services 614,816,681
Health services 149,224,687
Education 29,833,371
Public safety, corrections, courts 223,582,214
Roads, transportation, parks facilities 217,729,956
Miscellaneous and fixed 540,549,750
Total appropriations $1,825,011,781
Prepare the journal entry to record the budget, assuming that the detail will be separately recorded.


Sagot :

Answer:

Dr Real property taxes $548,423,468

Dr Sales tax $517,559,000

Dr Federal and state aid $433,229,570

Dr Departmental income $151,405,650

Dr Other revenues $159,394,093

Dr Budgetary fund balance $15,000,000

Cr General government and support $49,275,122

Cr Home and community services $614,816,681

Cr Health services $149,224,687

Cr Education $29,833,371

Cr Public safety, corrections, courts $223,582,214

Cr Roads, transportation, parks facilities $217,729,956

Cr Miscellaneous and fixed $540,549,750

Explanation:

Preparation of the journal entry to record the budget

Dr Real property taxes $548,423,468

Dr Sales tax $517,559,000

Dr Federal and state aid $433,229,570

Dr Departmental income $151,405,650

Dr Other revenues $159,394,093

Dr Budgetary fund balance $15,000,000

Cr General government and support $49,275,122

Cr Home and community services $614,816,681

Cr Health services $149,224,687

Cr Education $29,833,371

Cr Public safety, corrections, courts $223,582,214

Cr Roads, transportation, parks facilities $217,729,956

Cr Miscellaneous and fixed $540,549,750

(To record budget)