Prepare the general journal entry necessary to initially record the budget. Prepare the general journal entry necessary to record the budget revision.
Question 1: Q1.The council of the Town of Tulia approved the 2023 budget as follows: Budgeted 2023 revenues from: Property taxes $5,000,000 Sales taxes $1,000,000 Appropriations for 2023: Salaries $4,600,000 Materials $1,200,000 Equipment $100,000 During 2023, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by […]