You will need the financial statements for the year ended June 30, 2019 for the City of Detroit. Financial Statements can be found at www.detroitmi.gov Select the "Departments" tab, then "Office of the Chief Financial Officer. Scroll down the "Financial Report" box near the bottom of the page and click the link. Select "Comprehensive Annual Financial Report (CAFR)" from the list. Open the Fiscal Year 2019 report.

a. (Extended Response Answer, Not Multiple Choice) Using the original budget for the General Fund, what journal entry would have been made in the General Journal? (Ignore subsidiary accounts). Form your answer as follows (DR = Debit and CR = Credit):

DR-Account Title $000 CR-Account Title $000

Please group your debit accounts and your credit accounts.

b. Examine the revenue variances for the General fund and select the correct statement.

a. There are only negative variances which is NOT typical for revenue variances

b. There are both positive and negative variances, which is NOT typical for revenue variances

c. There are both positive and negative variances, which is typical for revenue variances

d. There are only positive variances, which is typical for revenue variances

c. Examine the expenditure variances for the General Fund and select the correct statement.

a. The expenditure variances are all positive, which IS typical of expenditure variances

b. The expenditure variances are all negative, which IS typical of expenditure variances

c. The expenditure variances are both positive and negative which is NOT typical of expenditure variances

d. The expenditure variances are both positive and negative, which IS typical of expenditure variances