When the budget for the General Fund is recorded, the required journal entry will include:
A) A credit to Estimated Revenues.
B) A debit to Encumbrances.
C) A debit to Appropriations.
D) Either a debit or credit to Budgetary Fund Balance, as appropriate.

Question

Quizplus · Accepted Answer

When recording the budget for the General Fund, the Budgetary Fund Balance is adjusted to reflect the difference between estimated revenues and appropriations, which can result in either a debit or credit.

When the Budget for the General Fund Is Recorded, the Required