Question 15

1. Below is the preclosing trial balance of a town's general fund at year-end:

   	Dr	Cr
   Cash	$ 8,000
   Property taxes receivable, net	35,000
   Estimated revenues	1,000,000
   Estimated other financing sources	15,000
   Operating expenditures	1,003,000
   Accounts payable		40,000
   Appropriations		1,005,000
   Property tax revenues		989,000
   Bond proceeds		15,000
   Fund balanceunassigned	_________	12,000
   	$ 2,061,000	$ 2,061,000

   What was the credit balance in fund balanceunassigned at the beginning of the year, before the budget entry was made?

   	A.	$14,000
   	B.	$ 2,000
   	C.	$12,000
   	D.	$ 7,000