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Prepare the necessary journal entry to record the budget

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Question - As of January 1 2011 the city of x presented the following budgeted transaction of the general fund. Estimated revenue 20,200,000; estimated expenditure 19,380,000; transfer from water utility fund 1,600,000; transfer to debt service fund anticipated 1,200,000.

Required - Prepare the necessary journal entry to record the above budgets?

Reference no: EM132525265

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