The city council passed a budget for its Special Revenue Fund. The budget included estimated revenues of $1,080,000 and appropriations of $1,100,000. The budget was recorded in the general ledger at the beginning of the year and no amendments to the budget occurred during the year. Prepare the journal entry to close the city's budgetary accounts for its Special Revenue Fund at its fiscal year-end.

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The Answer of The city council passed a budget for its Special Revenue Fund. The budget included estimated revenues of $1,080,000 and appropriations of $1,100,000. The budget was recorded in the general ledger at the beginning of the year and no amendments to the budget occurred during the year. Prepare the journal entry to close the city's budgetary accounts for its Special Revenue Fund at its fiscal year-end.

The City Council Passed a Budget for Its Special Revenue