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At its current fiscal year-end, the Village of Pang reported revenues from property taxes of $2,200,000 and expenditure of $1,000,000 for the police department; $800,000
At its current fiscal year-end, the Village of Pang reported revenues from property taxes of $2,200,000 and expenditure of $1,000,000 for the police department; $800,000 for the fire department; and $300,000 for public works. Which of the following adjustments would be made to Fund balance as part of the closing journal entry for the Village of Wang?
a. A debit to Fund balance for $2,200,000
b. A debit to Fund balance for $100,000
c. A credit to Fund balance for $100,000
d. A credit to Fund balance for $2,100,000
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