Question

The County Commission of Canyon County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as:_______.A. A credit to Surplus Revenues, $300,000.

B. A debit to Estimated Excess Revenues, $300,000.
C. A credit to Budgetary Fund Balance, $300,000.
D. A memorandum entry only.

Answer 1

The correct answer is "C".A credit to Budgetary Fund Balance. $300,000