The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: A) a debit to Budgetary Fund Balance – Unassigned in the amount of $100,000. B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000. a debit to Appropriations in the amount of $900,000. D) a debit to Estimated Revenues in the amount of $1,000,000. E) both A. and C.
The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: A) a debit to Budgetary Fund Balance – Unassigned in the amount of $100,000. B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000. a debit to Appropriations in the amount of $900,000. D) a debit to Estimated Revenues in the amount of $1,000,000. E) both A. and C.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of
$1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include:
O A) a debit to Budgetary Fund Balance - Unassigned in the amount of $100,000.
B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000.
C)
a debit to Appropriations in the amount of $900,000.
D)
a debit to Estimated Revenues in the amount of $1,000,000.
E)
both A. and C.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F585055c6-b06c-4ced-af10-4617668120f0%2Fb92fb024-395f-42c2-9d80-530b54aa51c3%2F6vco65b_processed.png&w=3840&q=75)
Transcribed Image Text:The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of
$1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include:
O A) a debit to Budgetary Fund Balance - Unassigned in the amount of $100,000.
B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000.
C)
a debit to Appropriations in the amount of $900,000.
D)
a debit to Estimated Revenues in the amount of $1,000,000.
E)
both A. and C.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education