Question

prepare the general journal entries to record the adopted budget at the beginning of the fiscal year.

Answer 1

To record the adopted budget at the beginning of the fiscal year, general journal entries are prepared, reflecting estimated revenue and planned expenses.

Step-by-step explanation:

To record the adopted budget at the beginning of the fiscal year, general journal entries are prepared. These journal entries should reflect the estimated revenue and the planned expenses for the upcoming fiscal year. Here is an example of the journal entries:

1. Debit: Estimated Revenue (such as taxes)
2. Credit: Cash or Revenue Accounts
3. Debit: Budgeted Expenses (e.g. salaries, supplies)
4. Credit: Accounts Payable or Cash

It's important to note that the specific accounts and amounts in the entries may vary depending on the organization or government entity.