Explain both in detail The board of commissioners of Della City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of$1,200,000 and appropriations of $700,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include:A) a credit to Fund Balance - Unassigned in the amount of $500,000.B) a debit to Budgetory Fund Balance - Unassigned in the amount of $500,000.C) a credit to Appropriations in the amount of $700,000.D)a credit to Estimated Revenues in the amount of S1,200,000.E) both B. and D.Question 32The board of commissioners of Mason City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of$1,300,000 and appropriations of $950,000. When the city ADOPTS the budget at the start of the fiscal year, the entry would include:A) a credit to Budgetary Fund Balance - Unassigned in the amount of $350,000.B) a credit to Appropriations in the amount of $950,000.C) a debit to Estimated Revenues in the amount of $1,300,000.D) All of the above.

The board of commissioners of Della City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,200,000 and appropriations of $700,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: A) a credit to Fund Balance - Unassigned in the amount of $500,000. B) a debit to Budgetary Fund Balance - Unassigned in the amount of $500,000. C) a credit to Appropriations in the amount of $700,000. D) a credit to Estimated Revenues in the amount of $1,200,000.

The board of commissioners of Della City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,200,000 and appropriations of $700,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: A) a credit to Fund Balance - Unassigned in the amount of $500,000. B) a debit to Budgetary Fund Balance - Unassigned in the amount of $500,000. C) a credit to Appropriations in the amount of $700,000. D) a credit to Estimated Revenues in the amount of $1,200,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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