Complete question:
A certain government passed its budget for the fiscal year ended December 31, 2017. Estimated Revenues amounted to $13,000,000; Appropriations amounted to $12,000,000; Estimated Other Financing Uses amounted to $700,000; and Estimated Other Financing Sources amounted to $200,000. In the budgetary entry (combining entry):
A)Budgetary Fund Balance would be credited for $3,200,000
B)Budgetary Fund Balance would be unchanged.
C)Budgetary Fund Balance would be debited for $3,200,000.
D)Budgetary Fund Balance would be credited for $500,000.
Answer:
Budgetary fund balance would be credited for $500,000
Explanation:
Fiscal budgets represent the fiscal activities and circumstances, such as projected sales, expenditures and burdens.
Budget journal entries are documents you make to track your financial management transactions. When you use dual budgeting, you can only adjust your budget sums by balancing spending journal entries within the budget.
