The fiscal 2017 budgetary comparison statement for the general fund of the State of Rhode Island appears below. All dollar amounts are in thousands.
Use the "final budget" amounts when answering the questions below. Assume Rhode Island does two general fund closing entries, one for revenues and other sources and the other for expenditures and other uses.
Required
a. Prepare the fiscal 2017 budget entry for the general fund.
b. Prepare the fiscal 2017 closing entries for the general fund.
c. If the fund balance of Rhode Island's general fund had a beginning balance of $500,000,000, what is the ending fund balance?

Question

The fiscal 2017 budgetary comparison statement for the general fund of the State of Rhode Island appears below. All dollar amounts are in thousands.
  Use the "final budget" amounts when answering the questions below. Assume Rhode Island does two general fund closing entries, one for revenues and other sources and the other for expenditures and other uses.
Required
a. Prepare the fiscal 2017 budget entry for the general fund.
b. Prepare the fiscal 2017 closing entries for the general fund.
c. If the fund balance of Rhode Island's general fund had a beginning balance of $500,000,000, what is the ending fund balance?

Quizplus · Accepted Answer

The Answer of The fiscal 2017 budgetary comparison statement for the general fund of the State of Rhode Island appears below. All dollar amounts are in thousands.
  Use the "final budget" amounts when answering the questions below. Assume Rhode Island does two general fund closing entries, one for revenues and other sources and the other for expenditures and other uses.
Required
a. Prepare the fiscal 2017 budget entry for the general fund.
b. Prepare the fiscal 2017 closing entries for the general fund.
c. If the fund balance of Rhode Island's general fund had a beginning balance of $500,000,000, what is the ending fund balance?

The Fiscal 2017 Budgetary Comparison Statement for the General Fund