Business, 12.03.2020 02:26 loganferg5499

Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of school year 2019 (which runs from July 1, 2018 to June 30, 2019) the fund balance is $280,000. The approved budget for 2019 follows.

Estimated Revenues

Property taxes $3,000,000

Intergovernmental revenues 900,000Miscellaneous income 50,000

Appropriations

Administration $ 300,000

Instruction 2,600,000

Pensions, other benefits 400,000

Transportation 200,000

Building maintenance 190,000

School supplies 220,000

All other expenditures 70,000

a. Prepare the journal entry to record the approved budget.

b. What will be the size of the fund balance at the end of the year if actual revenues and expenditures are exactly as budgeted?

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Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of sc...

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