The city council passed a budget for its only Special Revenue Fund. The budget i
ID: 2343284 • Letter: T
Question
The city council passed a budget for its only Special Revenue Fund. The budget included estimated revenues of $380,000 and appropriations of $410,000. The budget was recorded in the general ledger at the beginning of the year and no amendments to the budget occurred during the year. What journal entry should be made to close the city's budgetary accounts for its Special Revenue Fund at its fiscal year-end?
Select one:
A.
Appropriations
410,000
Estimated revenues
380,000
Budgetary fund balance
30,000
B.
Appropriations
410,000
Estimated revenues
380,000
Unassigned fund balance
30,000
C.
Estimated revenues
380,000
Budgetary fund balance
30,000
Appropriations
410,000
D.
Estimated revenues
380,000
Unassigned fund balance
30,000
Appropriations
410,000
Appropriations
410,000
Estimated revenues
380,000
Budgetary fund balance
30,000
Explanation / Answer
Option A is correct
As reverse entry has been paased at the time of closing for special revenue fund.
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