The city council of Temecula approved the 2013 budget as follows: Budgeted 2013 revenues from: Property taxes $6,000,000 Sales taxes $2,000,000 Appropriations for 2013: Salaries $5,600,000 Materials $2,200,000 Equipment $125,000 Required: Prepare the general journal entry necessary to initially record the budget on 1/1/13 Date Account Debit Credit
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
The city council of Temecula approved the 2013 budget as follows:
Budgeted 2013 revenues from:
Property taxes $6,000,000
Sales taxes $2,000,000
Appropriations for 2013:
Salaries $5,600,000
Materials $2,200,000
Equipment $125,000
Required:
- Prepare the general
journal entry necessary to initially record the budget on 1/1/13
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