Harmon School District, General Fund accounts for all revenues and expenditures. At the start of school year 2013 (which runs from July 1, 2012, to June 30, 2013) the fund balance is $ 350,000. The approved budget for 2013 follows. Prepare the journal entry to record the approved budget. What will be the size of the fund balance at the end of the year if actual revenues and expenditures are exactly as budgeted?
Estimated Revenues
Property taxes............ $ 3,600,000
Investment income.......... 100,000
Miscellaneous income......... 50,000
Appropriations
Administration........... $ 300,000
Instruction............. 2,400,000
Pensions, other benefits....... 350,000
Transportation ........... 200,000
Building maintenance ....... 150,000
School supplies ............ 180,000
Debt service........... 160,000
All other expenditures ........ 70,000