Budgetary entries

Harmon School Districts General Fund accounts for all revenues and expenditures. At the start of school year 2022 (which runs from July 1, 2021 to June 30, 2022) the fund balance is $420,000. The approved budget for 2022 follows.

Estimated RevenuesProperty taxes$4,500,000Intergovernmental revenues1,350,000Miscellaneous income75,000AppropriationsAdministration$450,000Instruction3,900,000Pensions and other benefits600,000Transportation300,000Building maintenance285,000School supplies330,000All other expenditures105,000

a) Prepare the journal entry to record the approved budget.

AccountDebitCreditAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerTo record the approved budget

b) What will be the size (in dollars) of the fund balance at the end of the year if actual revenues and expenditures are exactly as budgeted? $(_______) Answer