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E10.5 Reconstruct Budget Entry, Compute Fund Balance Suppose the following information relates to actual revenues...

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E10.5 Reconstruct Budget Entry, Compute Fund Balance Suppose the following information relates to actual revenues and expenditures for the general fund of the City of Farmington Hills, Michigan: LO 3 Over (Under) Budget Actual Revenues $483,097 157,458 27,771 (150,332) 581,697 126,484 Fees and service charges.. . .. . . 10,390,608 . Expenditures (1,342,917) (926,681) (278,188) Required a. What budget entry was made at the beginning of the year? b. If the fund balance before the budget entry was $3,100,000, what is the fund balance after year-end closing entries

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