Question
A town adopts a budget with appropriations totaling $890,000. The town estimates that the revenues for the year will be $910,000. How should the town
A town adopts a budget with appropriations totaling $890,000. The town estimates that the revenues for the year will be $910,000. How should the town account for the difference of $20,000 between the appropriations and the estimated revenues?
a. No entry is needed.
b. Debit Budgetary fund balance.
c. Credit Budgetary fund balance.
d. Debit Other financing sources.
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
