A county's general fund has the following results for fiscal 2020:
$$\begin{array} { l l l }
& \text { Budget } & \text { Actual } \
\text { Revenues } & \$ 405,000 & \$ 400,000 \
\text { Expenditures } & 380,000 & 375,000 \
\text { Other financing uses } & 30,000 & 28,000
\end{array}$$ If the general fund's balance in fund balance-unassigned before the budget entry was $26,000, what is its balance at the end of fiscal 2020, after closing entries?

Question

A county's general fund has the following results for fiscal 2020:
$$\begin{array} { l l l } 
& \text { Budget } & \text { Actual } \
\text { Revenues } & \$ 405,000 & \$ 400,000 \
\text { Expenditures } & 380,000 & 375,000 \
\text { Other financing uses } & 30,000 & 28,000
\end{array}$$ If the general fund's balance in fund balance-unassigned before the budget entry was $26,000, what is its balance at the end of fiscal 2020, after closing entries?

Quizplus · Accepted Answer

The ending balance is calculated as the beginning balance plus actual revenues minus actual expenditures and other financing uses: $26,000 + $400,000 - $375,000 - $28,000 = $23,000.

A County's General Fund Has the Following Results for Fiscal