The board of commissioners of the city of Shell adopted a General Fund budget for the year ending June 30, 2013, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers out of $390,000

Business Mar 16, 2021

The board of commissioners of the city of Shell adopted a General Fund budget for the year ending June 30, 2013, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers out of $390,000. Please record the transaction in the fund financial statement.

Expert Solution

-Answer :-

The transaction in the fund financial statement are as follows :-

Account Titles	Debit	Credit
Estimated Revenue Control	$ 1,300,000
Estimated Other financing Sources - Bond Proceeds	$520,000
Appropriation Control		$1,170,000
Appropriation - Operations transfer out		$ 390,000
Budgetary fund balance		$ 260,000

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