Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of school year 2013 (which runs from July 1, 2012, to June 30, 2013) the fund balance is $ 350,000. The approved budget for 2013 follows. Prepare the journal entry to record the approved budget. What will be the size of the fund balance at the end of the year if actual revenues and expenditures are exactly as budgeted?

Estimated Revenues

Property taxes............ $ 3,600,000

Investment income.......... 100,000

Miscellaneous income......... 50,000

Appropriations

Administration........... $ 300,000

Instruction............. 2,400,000

Pensions, other benefits....... 350,000

Transportation ........... 200,000

Building maintenance ....... 150,000

School supplies ............ 180,000

Debt service........... 160,000

All other expenditures ........ 70,000