Which of the following budgetary entries would the town of Geneva make upon adoption of its Special Revenue Fund Budget for the year? Assume the following: Estimated Revenues $6,400,000 Appropriations 6,080,000 Debit Credit a) Appropriations Budgetary Fund Balance Estimated Revenues $6,080,000 320,000 $6,400,000 b) Estimated Revenues Appropriations Budgetary Fund Balance $6,400,000 $6,080,000 320,000 c) Expenditures Budgetary Fund Balance Revenues $6,080,000 320,000 $6,400,000 d) Appropriations Estimated Revenues $6,400,000 $6,400,000

Question

Business

Ferris

15 August, 00:21

Which of the following budgetary entries would the town of Geneva make upon adoption of its Special Revenue Fund Budget for the year? Assume the following: Estimated Revenues $6,400,000 Appropriations 6,080,000 Debit Credit a) Appropriations Budgetary Fund Balance Estimated Revenues $6,080,000 320,000 $6,400,000 b) Estimated Revenues Appropriations Budgetary Fund Balance $6,400,000 $6,080,000 320,000 c) Expenditures Budgetary Fund Balance Revenues $6,080,000 320,000 $6,400,000 d) Appropriations Estimated Revenues $6,400,000 $6,400,000

+5

Answers (1)

Know the Answer?

Joe Stanley · Answer 1

b) Estimated Revenues Appropriations Budgetary Fund Balance $6,400,000 $6,080,000 320,000

Explanation:

Estimated Revenues $6,400,000 Dr

Appropriations $6,080,000 Cr

Budgetary Fund Balance $320,000 Cr

This entry is made on the adoption of Special Revenue Fund Budget for the year.

The special revenue fund is used for the special purposes such public maintenance etc.

The entry made on closing

Close out the budget at year end

Appropriations $ 6080,0000 Dr

Budgetary Fund Balance $ 320,000 Dr

Estimated Revenues $ 6400,000 Cr