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Recording budget and ending fund balances

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Reference no: EM131025868

Recording Budget and Ending Fund Balances. The following is provided about the Town of York's General Fund operating statement and budgetary accounts for the fiscal year ended September 30, 2016. ( Note: The town has no restricted, committed, or assigned fund balances.)

Estimated revenues                                                                                          $32,150,000

Revenues                                                                                                           32,190,000

Appropriations                                                                                                    32,175,000

Expenditures                                                                                                       32, 185,000

Fund Balance-Unassigned September 30, 2015                                                      500,000

Required

a. Prepare the journal entry to record the budget

b. Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount of expenditures than revenues estimated for the year, or potentially violate town or state balanced-budget laws?

c. Calculate the end-of-year balance for the fund Balance-Unassigned that would be reported on the town's balance sheet prepared as of September 30, 2016. Show all necessary work.

Reference no: EM131025868

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