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The following information relates to actual and budgeted revenues, expenditures, and other financing sources for the general fund of the Borough of Carlisle, PA for
The following information relates to actual and budgeted revenues, expenditures, and other financing sources for the general fund of the Borough of Carlisle, PA for 2016: Over (Under) Actual Budget Revenues Taxes $7,620,812 $304,931 Licenses and permits 622,317 55,364 Fees and fines 158,871 (62,633) Intergovernmenta 1,708,176 (2,379,023) Charges for services 287,878 12,092 Miscellaneous 569,395 (44,788) Expenditures General government 1,269,990 (1,425,158) Public safety 5,962,703 (1,296,202) Public works 3,691,476 (2,248,253) Debt service 630,109 (87,295) Other financing sources 1,606,638 (1,558,983) Required a. What budget entry was made at the beginning of 2016? Description Debit Credit Estimated revenues Estimated other financing sources b. The beginning-of-year fund balance before the budget entry was $6,160,872. What is the fund balance after year-end closing entries
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