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 $350,000. The approved budget for 2022 follows. Estimated Revenues Property taxes $3,750,000 Intergovernmental revenues 1,125,000 Miscellaneous income 62,500 Appropriations Administration $375,000 Instruction 3,250,000 Pensions and other benefits 500,000 Transportation 250,000 Building maintenance 237,500 School supplies 275,000 All other expenditures 87,500

a) Prepare the journal entry to record the approved budget. Enter amounts in the order of magnitude (largest to smallest balances), debits first.

Account Debit Credit

Estimated revenues property taxes 3,750,000

Estimated revenues intergovernmental revenues 1,125,000

Estimated revenues miscellaneous income 62,500

Budgetary fund balance __????

Appropriations administration 375,000

Appropriations instruction 3,250,000

Appropriations pensions and other benefits 500,000

Appropriations transportation 250,000

Appropriations building maintenance 237,500

Appropriations school supplies 275,000

Appropriations all other expenditures 87,500

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? $__???