Answer:
a. Net change in fund = $70,000
b. See the attached excel file for the ledger.
Explanation:
a. The Budget for the General Fund can be prepared as follows:
City Council
Budget for the General Fund
For January 1, 2020
<u>Details Amount ($) </u>
Revenue:
Property tax and other revenue 11,150,000
Expenditure:
appropriations for expenditures <u> (9,380,000) </u>
Excess of revenue over expenditures 1,770,000
Other Financing Sources (Uses):
Transfer out <u> (1,700,000) </u>
Net change in fund <u> 70,000 </u>
b. Note: See the attached excel file for the ledger.