A Public School District Formally Adopted a Budget with Estimated

question 38

Multiple Choice

A public school district formally adopted a budget with estimated revenues of $800 and approved expenditures of $780.Which of the following is the appropriate entry to record the budget?

• A)Debit Estimated revenues $800; credit Appropriations $780; credit Fund balance $20.
• B)Debit Appropriations $780; Debit Fund balance $20; credit Estimated revenues $800.
• C)Debit Encumbrances $780; Debit Fund balance $20; credit Estimated revenues $800.
• D)Memorandum entry only.