The city of Cherokee Hill adopted its fiscal year 20X8

The city of Cherokee Hill adopted its fiscal year 20X8 General Fund budget, using the modified
accrual basis of accounting, on January 1, 20X8. Budgeted revenues were $17 million;
budgeted expenditures were $16,500,000.• August 5, 20X8, the Cherokee Hill city council
adopted a motion by Mayor Clyde Fisher to increase the police department appropriation by
$200,000. All other budgeted items remained unchanged.• September 1, the city council
revised the estimate of sales tax revenues upward by $60,000.Requireda. Record the
budgetary events in the General Fund general ledger accounts.b. Close the General Fund
accounts (both budgetary and actual events). Assume the actual transaction entries were
recorded properly. In addition to the foregoing events, assume the following information:• Actual
revenues for the year totaled $17,300,000.• Expenditures for the year totaled $16,600,000.•
Transfers to Debt Service Funds totaled $800,000.• Encumbrances of $80,000 were
outstanding at year-end.c. Assuming a beginning total fund balance of $3,000,000, what is the
postclosing, total fund balance to be reported in the GAAP financial statements for the city of
Cherokee Hill?View Solution: The city of Cherokee Hill adopted its fiscal year 20X8
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