The Board of Commissioners of the City of Scranton Adopted

Essay

The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2021, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000.Required:If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year?