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Exam 2 Solutions Problem 1 B. Estimated Revenues ....................................950,000 Appropriations .................................... 940,000 Unreserved Fund Balance .................................... 10,000 To record adoption of the budget. Revenues Ledger (Estimated Revenues) : Property Taxes ....................................500,000 Sales Taxes ....................................200,000 Federal Grants ....................................100,000 Service Charges ....................................80,000 Fines ....................................50,000 Other .................................... 20,000 950,000 B=Budgetary entry Expenditures Ledger (Appropriations) : Manager ..................................................................................... 110,000 Commission ................................................................................ 90,000 Roads and Bridges ..................................................................... 400,000 Courts ........................................................................................ 60,000 Sheriff ......................................................................................... 180,000 Jail ............................................................................................. 70,000 Other .......................................................................................... 30,000 940,000 1. Taxes ReceivableCurrent ......................................................... 530,000 Allowance for Uncollectible Current Taxes ........................ 25,000 Revenues ............................................................................. 505,000 To record property tax levy. Revenues Ledger (Revenues) : Property Taxes ........................................................................... 505,000 2. Encumbrances ............................................................................ 270,000 Reserve for Encumbrances .................................................Reserve for Encumbrances .... View Full Document

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