Closing Entries: The Newberry County budget for the 2014 fiscal year included estimated revenues of $3,501,000 and appropriations of $3,449,000.
Required
Prepare the closing entries for 2014 under each of the following independent assumptions:
a. Actual revenues and, expenditures equaled estimates.
b. Actual revenues were as expected, but appropriations exceeded actual expenditures by $22,000.
c. Actual revenues of $3,440,000 equaled actual expenditures.
d. The net effect of the closing entries on the fund balance was zero. Actual revenues were $3,495,000.