A county engages in basic transactions. Kilbourne County engaged in the following transactions in summary form during its scal year. All

amounts are in millions. You need not be concerned with the category of funds balances to which reserves for encumbrances are classi ed on the fund balance sheet.

Its commissioners approved a budget for the current scal year. It included total revenues of $860 and total appropriations of $850.

It ordered of ce supplies for $20.

It incurred the following costs, paying in cash:

Salaries Repairs Rent Utilities Other operating costs

$610 $ 40 $ 25 $ 41 $119 

It ordered equipment costing $9.

It received the equipment and was billed for $10, rather than $9 as anticipated.

It received the previously ordered supplies and was billed for the amount originally estimated. The county reports the receipt of supplies as expenditures; it does not maintain an inventory account for supplies.

It earned and collected revenues of $865.

Prepare journal entries as appropriate.

Prepare closing entries as appropriate.

What would have been the difference in the yearend nancial statements, if any, had the county not

made the budgetary entries?