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Recording Budget and Ending Fund Balances LO 3 4 The following information is provided about the Town of Yorks General Fund operating statement and budgetary accounts for the fiscal year ended

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

Revenues 32,190,000

Appropriations 32,175,000

Expenditures 32,185,000

Fund Balance – Unassigned, September 30, 2015 500,000

Required

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.)

  Debit Credit  
    
 
General Journal Debit Credit  
       
       
       
       
       
 

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.

   
 
 
Spendable Fund Balances
Fund Balance—Unassigned as of September 30, 2015 = __________________  
To close revenues for the yea r= __________________  
To close expenditures for the year = __________________  
Fund Balance—Unassigned as of September 30, 2016 = __________________  
 

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Apr 08 2020 Read more Less More

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