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    Advanced Accounting Study Set 8
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    Exam 16: Accounting for State and Local Governments
  5. Question
    The Town Council Adopted an Annual Budget Estimating General Revenues
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The Town Council Adopted an Annual Budget Estimating General Revenues

Question 3

Question 3

Essay

The town council adopted an annual budget estimating general revenues of $2,000,000, approved expenditures of $1,700,000 and other financing for other funds of $130,000.
Required:
Record the journal entry to record the budget and identify the fund in which it is recorded.

Correct Answer:

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