The City Council adopted a budget for the year with estimated revenue of $560,000 and appropriations of $530,000. (Journal entry completed by instructor --- SEE JOURNAL ENTRY SECTION BELOW) You are required to explain each line of the journal entry and related financial statement impact.

DEBIT CREDIT

Estimated Revenue 560,000

Appropriations 530,000

Fund Balance - Unassigned 30,000

Explain each line of the journal entry and related financial statement impact.

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