The Board of Commissioners of the City of Jarmaine Adopted

Essay

The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30,2008,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?