Chapter 17, Problem 17.11E

To determine

Concept introduction:

Operating statement: The statement of revenues, expenditures, and changes in fund balance is called an operating statement of the governmental funds. The top section contains revenues less expenditures for the period. The difference indicates excess or deficiency of revenues over expenditures. It also includes nonrevenue items such as bonds inter-fund transfers. Below that lists extraordinary items that are both unusual and infrequent bottom include fund balance both the beginning and end of the year.

To explain: The preparation of general fund−only statement of revenues, expenditures and changes in fund balance for fiscal year 20X1.