Reconstruct Budget Entry, Compute Fund Balance The following information relates to actual revenues and expenditures for the general fund of the City of Greenwood, Mississippi:

Required
a. What budget entry was made at the beginning of the year?
b. If the fund balance before the budget entry was $2,100,000, what is the fund balance after year-end closing entries?

Transcribed Image Text:

Actual Over (under) Budget Revenues $125,000 6,000 Fines.. 6,000 12,000 500,000 4,000 … … Fees and service charges. Miscellaneous.SWW.DPW Expenditures Administration Public safety2,050,000 (75,000) (1,000) 500,000 (1,000) (6,000) 4,000)