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Chapter 3 Recording the Annual Budget
The following budget for the General Fund of the City of Smithville was legally adopted for the
fiscal year ending December 31, 2017.
Estimated Revenues:
TaxesReal Property $1,679,070
Interest and Penalties on Taxes 9,000
Licenses and Permits 600,000
Fines and Forfeits 410,000
Intergovernmental Revenue 275,000
Charges for Services 236,000
Total Estimated Revenues $3,209,070
Appropriations:
General Government $ 617,200
Public Safety 1,436,600
Public Works 805,000
Culture and Recreation 360,300
Total Appropriations $3,219,100
Required
a. After opening the file you created for Chapter 2 of this project, record the budget in the
general journal, providing entries in the Detail Journal when directed. Begin by selecting
[General Fund] in the [Current Accounting Entity] drop-down box and the [Journal]
tab. In the [Year] box, be sure to select the year 2017. Enter 3-a in the [Transaction
Description] box. Select “Estimated Revenues” in the drop down [Account (# -
Description)] window. This will take you automatically to the Detail Journal where you
will enter the detail for each estimated revenue source. In the Detail Journal, select Budget
Authorization” from the drop-down menu for [Transaction Description].
When you have finished entering the estimated revenue detail information, verify that the
correct balance is shown in the Detail Journal, then click on [Return to General Journal]
and the total estimated revenues will be entered in the general journal Estimated Revenues
control account. Follow the same procedure to record the budget detail for Appropriations.
Complete the general journal entry by debiting or crediting Budgetary Fund Balance as
appropriate to make the journal entry balance. Note that budgetary entries have no effect on
governmental activities at the government-wide level and thus the budget information is
only recorded in the General Fund.
When you are satisfied you have made the entry correctly, post it to the general ledger by
clicking on [Post Entries]. Before posting, or after unposting as described previously, you
can edit, delete or insert entries in the journal by placing the cursor in the line you want to
adjust and then right-clicking. Note that the “Insert Entry” function will work if you are
inserting an entry prior to a balance sheet account. However, it will not work when inserting

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Chapter 3 Recording the Annual Budget The following budget for the General Fund of the City of Smithville was legally adopted for the fiscal year ending December 31, 2017. Estimated Revenues: Taxes—Real Property Interest and Penalties on Taxes Licenses and Permits Fines and Forfeits Intergovernmental Revenue Charges for Services Total Estimated Revenues $1,679,070 9,000 600,000 410,000 275,000 236,000 $3,209,070 Appropriations: General Government Public Safety Public Works Culture and Recreation Total Appropriations $ 617,200 1,436,600 805,000 360,300 $3,219,100 Required a. After openin ...
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