(Budgetary Entries General Ledger) The city of Cherokee Hill adopted its fiscal year 20X8 General Fund budget, using the modified accrual basis of accounting, on January 1, 20X8. Budgeted revenues were $17 million; budgeted expenditures were $16,500,000.

a. legislative appropriations subdivided into more detailed expenditure categories by the executive branch.

b. legislative appropriations subdivided by time periods.

c. operating grants that must be used for a specific purpose.

d. a budgeting tool that must be used in conjunction with the purchases method of inventory accounting. Do not use a Budgetary Fund Balance account.

Required

a. Record the budgetary events in the General Fund general ledger accounts. Do not use a Budgetary Fund Balance account.

b. Close the General Fund accounts (both budgetary and actual events). Assume the actual transaction entries were recorded properly. In addition to the foregoing events, assume the following information: August 5, 20X8, the Cherokee Hill city council adopted a motion by Mayor Clyde Fisher to increase the police department appropriation by $200,000. All other budgeted items remained unchanged. September 1, the city council revised the estimate of sales tax revenues upward by $60,000. Actual revenues for the year totaled $17,300,000. . Expenditures for the year totaled $16,600,000. Transfers to Debt Service Funds totaled $800,000. Encumbrances of $80,000 were outstanding at year-end. What is the postclosing, total fund balance to be reported in the GAAP financial statements for the city of Cherokee Hill?

d. Repeat parts (a), (b), and (c) using the Budgetary Fund Balance account.