The County Commission of Canyon County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as:_______.A. A credit to Surplus Revenues, $300,000. B. A debit to Estimated Excess Revenues, $300,000.
C. A credit to Budgetary Fund Balance, $300,000.
D. A memorandum entry only.
Information related to Kerber Co. is presented below.1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes.3. On April 7, purchased equipment on account for $26,000.4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise.5. On April 15, paid the amount due to Wilkes Company in full.Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.