Record the budget and a budget revision 5 points …
Record the budget and a budget revision 5 points The council of the Town of Washington approved the 2020 budget as follows: Estimated revenues for 2020: Property taxes $5,000,000 Licenses and permits $1,000,000 Appropriations for 2020: General government $4,600,000 Public safety $1,200,000 Health and welfare $100,000 During 2020, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for the general government by $10,000 and decrease the amount of estimated revenues for the general government by 15,000. The council approved this budget revision. Required: Prepare the general journal entry necessary to initially record the budget. Prepare the general journal entry necessary to record the budget revision.