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The County Commission of Seminole County adopted its General Fund budget for the year ending June...

The County Commission of Seminole County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as:
  • A. A credit to Budgetary Fund Balance, $300,000.
  • B. A memorandum entry only.
  • C. A debit to Estimated Excess Revenues, $300,000.
  • D. A credit to Surplus Revenues, $300,000.
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Answer #1

Option (A) is Correct.

The Budgeted Excess of Estimated Revenues over appropriations Will be recorded as

A Credit to budgetary Fund Balance, $300,000

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