General Fund Budget and Closing Entries The adjusted preclosing trial balance for Whiskey Run County's general fund at June 30, 2023, is below (in thousands). Account Cash and cash equivalents Dr Cr $3,250 Property taxes receivable, net $7,500 Due to other funds $250 Accounts payable $2,500 Estimated revenues 46,000 Estimated other financing sources 2,000 Appropriations 48,300 Fund balance-unassigned 7,600 Property tax revenues 45,900 Debt service: principal 1,500 Debt service: interest 3,000 Transfers from other funds 1,900 Sale of surplus property 300 Capital outlay 1,000 General government expenditures 42,500 Total 106,750 106,750 Required Note: Provide all answers in thousands. a. Was the County's fiscal 2023 budget a balanced, surplus, or deficit budget? deficit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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General Fund Budget and Closing Entries
The adjusted preclosing trial balance for Whiskey Run County's general fund at June 30, 2023, is below (in thousands).
Account
Cash and cash equivalents
Dr
Cr
$3,250
Property taxes receivable, net
$7,500
Due to other funds
$250
Accounts payable
$2,500
Estimated revenues
46,000
Estimated other financing sources
2,000
Appropriations
48,300
Fund balance-unassigned
7,600
Property tax revenues
45,900
Debt service: principal
1,500
Debt service: interest
3,000
Transfers from other funds
1,900
Sale of surplus property
300
Capital outlay
1,000
General government expenditures 42,500
Total
106,750 106,750
Required
Note: Provide all answers in thousands.
a. Was the County's fiscal 2023 budget a balanced, surplus, or deficit budget? deficit
Transcribed Image Text:General Fund Budget and Closing Entries The adjusted preclosing trial balance for Whiskey Run County's general fund at June 30, 2023, is below (in thousands). Account Cash and cash equivalents Dr Cr $3,250 Property taxes receivable, net $7,500 Due to other funds $250 Accounts payable $2,500 Estimated revenues 46,000 Estimated other financing sources 2,000 Appropriations 48,300 Fund balance-unassigned 7,600 Property tax revenues 45,900 Debt service: principal 1,500 Debt service: interest 3,000 Transfers from other funds 1,900 Sale of surplus property 300 Capital outlay 1,000 General government expenditures 42,500 Total 106,750 106,750 Required Note: Provide all answers in thousands. a. Was the County's fiscal 2023 budget a balanced, surplus, or deficit budget? deficit
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