a. A city adopts the general fund budget. The budget estimates that $2000000 in property taxes will be
received and authorizes spending for operating activities of $1900000 and also anticipates $80000 will be spent during the year to settle an outstanding
Prepare the journal entry to record the budget.
b. The city completes its fiscal year. The city received property tax revenues of $1900000 and the remaining
balance will not be received until 90days after the fiscal year-end. The city settled the lawsuitefor $75000. The city sprnt 41750000 during the fiscal year
and still has $80000 in encumbrances outstanding. Prepare the entries to close the budgetry accounts (use the info from a. above as needed).