The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of$1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include:O A) a debit to Budgetary Fund Balance - Unassigned in the amount of $100,000.B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000.C)a debit to Appropriations in the amount of $900,000.D)a debit to Estimated Revenues in the amount of $1,000,000.E)both A. and C.

A city budget seems to be a financial operational plan that is forecasted. A budget, in general,…

The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: A) a debit to Budgetary Fund Balance – Unassigned in the amount of $100,000. B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000. a debit to Appropriations in the amount of $900,000. D) a debit to Estimated Revenues in the amount of $1,000,000. E) both A. and C.

The board of commissioners of Perry City approved the city budget for the year starting July 1, 2019, which indicated estimated revenue of $1,000,000 and appropriations of $900,000. When the city CLOSES OUT the budget at the end of the fiscal year, the entry would include: A) a debit to Budgetary Fund Balance – Unassigned in the amount of $100,000. B) a credit to Budgetary Fund Balance – Unassigned in the amount of $100,000. a debit to Appropriations in the amount of $900,000. D) a debit to Estimated Revenues in the amount of $1,000,000. E) both A. and C.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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