Recording Budget and Ending Fund Balances [LO 3-4]
The following information is provided about the Town of York’s General Fund operating statement and budgetary accounts for the fiscal year ended September 30, 2016. (Note: The town has no restricted, committed, or assigned fund balances.)
Estimated revenues $ 32,150,000
Fund Balance – Unassigned, September 30, 2015 500,000
a. Prepare the journal entry to record the budget. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Calculate the end-of-year balance for the Fund Balance—Unassigned that would be reported on the town’s balance sheet prepared as of September 30, 2016.
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