Question
Thayer Village approved a budget with estimated revenues from property taxes of $2,000,000 and appropriations of $900,000 for the police department; $800,000 for the fire
Thayer Village approved a budget with estimated revenues from property taxes of $2,000,000 and appropriations of $900,000 for the police department; $800,000 for the fire department; and $250,000 for public works. It made no amendments to the budget for the year. Which of the following adjustments would be made to Budgetary fund balance as part of the closing journal entry for Thayer Village?
a. A debit to Budgetary fund balance for $2,000,000
b. A debit to Budgetary fund balance for $50,000
c. A credit to Budgetary fund balance for $50,000
d. A credit to Budgetary fund balance for $1,950,000
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