E3-20 Recording Budget ad Ending Fund Balances [LO 3-5] The following Information is provided about the Town of York's General Fund operating statement and budgetary accounts for the fiscal year ended September 30. (Note: The town has no restricted, committed, or assigned fund balances.) Estimated revenues $32,150,0ee 32,190,000 32,175,e0e 32,185,e0e see,eee Revenues Appropriations Expenditures Fund Balance-unassigned (beginning of the fiscal year) 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 fleld.) Answer is complete and correct. General Journal Credit No Event Debit Estimated Revenues 32,150,000 A 1 Budgetary Fund Balance 25,000 32,175,000 Appropriations b. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentlally violate town or state balanced-budget laws? Yes No c. Calculate the end-of-year balance for the Fund Balance-Unassigned that would be reported on the town's balance sheet prepared as of September 30. Answer is complete but not entirely correct. Spendable Fund Balances $ 32,190,000 Fund Balance-Unassigned (beginning balance) To close revenues for the year 32,185,000 To close expenditures for the year 5,000 S 505,000 Fund Balance-Unassigned (ending balance)