Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Relationship between budgetary fund balance and actual fund balance The Village of Albert's Alley recorded the following budgetary journal entry at the beginning of fiscal

Relationship between budgetary fund balance and actual fund balance

The Village of Albert's Alley recorded the following budgetary journal entry at the beginning of fiscal 2019:

image text in transcribed
Relationship between budgetary fund balance and actual fund balance The Village of Albert's Alley recorded the following budgetary journal entry at the beginning of scal 2019: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 201 9, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are equal to estimated revenues, and actual expenditures are $7,000 less than appropriations. b. Actual revenues are equal to estimated revenues, and actual expenditures are equal to appropriations. c. Actual revenues exceed estimated revenues by $4,000, and actual expenditures are equal to appropriations. d. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000 less than appropriations. NOTE: If there is no effect on the actual fund balance, leave Amount blank (zero) and select "N/A" as your answer. Effect on actual fund balance , Increase or Scenario Amount Decrease a. $ X Increase : V b. $ X Increase V c. $ X Increase V d. $ X Increase V

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Accounting For Windows

Authors: Dale Klooster

7th Edition

0538747978, 9780538747974

More Books

Students also viewed these Accounting questions

Question

Behaviour: What am I doing?

Answered: 1 week ago