15. the city of rockvale provides an initial list of accounts at the end of the current fiscal period…

15. the city of rockvale provides an initial list of accounts at the end of the current fiscal period. assume the city of rockvale does not allow purchase orders to remain open after year - end. estimated revenues: $2,000,000 appropriations: $1,800,000 budgetary fund balance: $200,000 encumbrances: $80,000 budgetary fund balance - reserve for encumbrances: $80,000 revenues: $1,950,000 expenditures: $1,720,000 if the city of rockvale prepares a closing entry, what would be the total dollar amount on the debit side of the closing entry? a. $3,750,000 b. $2,000,000 c. $3,950,000 d. $4,030,000

15. the city of rockvale provides an initial list of accounts at the end of the current fiscal period. assume the city of rockvale does not allow purchase orders to remain open after year - end. estimated revenues: $2,000,000 appropriations: $1,800,000 budgetary fund balance: $200,000 encumbrances: $80,000 budgetary fund balance - reserve for encumbrances: $80,000 revenues: $1,950,000 expenditures: $1,720,000 if the city of rockvale prepares a closing entry, what would be the total dollar amount on the debit side of the closing entry? a. $3,750,000 b. $2,000,000 c. $3,950,000 d. $4,030,000

Answer

Explanation:

Step1: Recall closing - entry concept

In governmental accounting, the closing entry for the budgetary accounts involves closing estimated revenues, appropriations, and other budget - related accounts. The debit side of the closing entry for budgetary accounts typically includes appropriations and the budgetary fund balance (if needed to balance the entry).

Step2: Identify relevant amounts

Appropriations = $1,800,000. Budgetary Fund Balance = $200,000.

Step3: Calculate the debit - side amount

The total dollar amount on the debit side of the closing entry is the sum of appropriations and the budgetary fund balance. [1800000 + 200000=2000000]

Answer:

B. $2,000,000