He legislature revised the budget by reducing estimated


The following budgetary events occurred in Marilyn County during calendar year 2013:
1. The legislature approved the following budget:
Estimated Revenues
Property taxes......... $ 1,000,000
Sales taxes .......... 2,900,000
Appropriations
General government, salaries .. $ 800,000
General government, all other... 400,000
Parks salaries......... 2,000,000
Parks all other ....... 600,000
2. Because a special event necessitated hiring temporary personnel, the legislature approved a budgetary interchange authorizing the Parks Department to spend an additional $ 60,000 in salaries and reducing the Parks Department appropriation for,all other, by an equal amount.
3. Based on a mid- year review of the impact of the economy on tax revenues the finance commissioner estimated that sales tax collections would be $ 125,000 less than the estimate used in preparing the original budget. The legislature revised the budget by reducing estimated sales tax revenues by $ 125,000 and reducing the appropriation for General government all other by $ 75,000.
Prepare journal entries to record these events. Also prepare a two- column schedule showing the original adopted budget and the final budget.(The final budget will show the effects of the two budget revisions. The line showing the difference between estimated revenues and appropriations should be captioned ,Excess of estimated revenues over appropriations.)

Solution Preview :

Prepared by a verified Expert
Accounting Basics: He legislature revised the budget by reducing estimated
Reference No:- TGS01154310

Now Priced at $15 (50% Discount)

Recommended (98%)

Rated (4.3/5)