E3-18

Recording Budget and Ending Fund Balances [LO 3-4]

The following information is provided about the Town of Yorks General Fund operating statement and budgetary accounts for the fiscal year ended September 30, 2016. (Note: The town has no restricted, committed, or assigned fund balances.)

Estimated revenues $ 32,150,000

Revenues 32,190,000

Appropriations 32,175,000

Expenditures 32,185,000

Fund Balance Unassigned, September 30, 2015 500,000

Required

a. Prepare the journal entry to record the budget. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Debit

Credit

General Journal	Debit	Credit

Calculate the end-of-year balance for the Fund BalanceUnassigned that would be reported on the towns balance sheet prepared as of September 30, 2016.

Spendable Fund Balances
Fund BalanceUnassigned as of September 30, 2015 = __________________
To close revenues for the yea r= __________________
To close expenditures for the year = __________________
Fund BalanceUnassigned as of September 30, 2016 = __________________