The County Commission of Benton County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $3,200,000 and appropriations of $2,900,000. Benton County utilizes the budgetary accounts required by GASB standards. The journal entry to record budgeted appropriations will include A credit to Appropriations, $2,900,000. A credit to Encumbrances, $2,900,000. A debit to Estimated Expenditures, $2,900,000. A credit to Budgetary Fund Balance, $2,900,000.
Prepare the journal entry to record the budget.