The board of commissioners of the city of Jarmaine adopted a General fund budget for the year ending June 30, 2018, which indicated tax levy revenues of $1,300,000, bond proceeds of $520,000, appropriations for government operations of $1,170,000, and operating transfers out of $390,000.Required:If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year?
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| Governmental fund financial statements - General fund | ||||||
| Estimated revenues - Tax levy | $ | 1,300,000 | ||||
| Estimated other financing sources - Bond proceeds | 520,000 | |||||
| Appropriations - Government operations | $ | 1,170,000 | ||||
| Appropriations - Other financing uses - Operating transfers out | 390,000 | |||||
| Budgetary fund balance | 260,000 | |||||
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