The following information is provided about the Town of Yorks General Fund operating statement and budgetary accounts for the fiscal year ended September 30. (Note: The town has no restricted, committed, or assigned fund balances.) Estimated revenues Revenues Appropriations Expenditures Fund Balance-Unassigned (beginning of the fiscal year) $32,150,000 32,190,000 32,175,000 32,185,000 500,000 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.) Answer is complete and correct. No Event Debit Credit General Journal Estimated Revenues Budgetary Fund Balance 32,150,000 25,000 Appropriations 32,175,000 b. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate town or state balanced-budget laws? O Yes • No C. Calculate the end-of-year balance for the Fund Balance-Unassigned that would be reported on the towns balance sheet prepared as of September 30. X Answer is not complete. Spendable Fund Balances Fund Balance—Unassigned (beginning balance) To close revenues for the year To close expenditures for the year Fund Balance—Unassigned (ending balance) $ 505,000
The following information is provided about the Town of Yorks General
The following information is provided about the Town of Yorks General Fund operating statement and budgetary accounts for the fiscal year ended September 30. (Note: The town has no restricted, committed, or assigned fund balances.) Estimated revenues Revenues Appropriations Expenditures Fund Balance-Unassigned (beginning of the fiscal year) $32,150,000 32,190,000 32,175,000 32,185,000 500,000 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.) Answer is complete and correct. No Event Debit Credit General Journal Estimated Revenues Budgetary Fund Balance 32,150,000 25,000 Appropriations 32,175,000 b. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate town or state balanced-budget laws? O Yes • No C. Calculate the end-of-year balance for the Fund Balance-Unassigned that would be reported on the towns balance sheet prepared as of September 30. X Answer is not complete. Spendable Fund Balances Fund Balance—Unassigned (beginning balance) To close revenues for the year To close expenditures for the year Fund Balance—Unassigned (ending balance) $ 505,000
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