Question

Using the following data, prepare West Chester County’s General Fund statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2019, using the appropriate format.

Sales tax revenues	$2,400,000
Property tax revenues	2,000,000
Expenditures—county sheriff	1,500,000
Expenditures—all other departments	2,600,000
Fund balance, July 1, 2018	300,000
Transfer out to Debt Service Fund	200,000
Transfer in from Special Revenue Fund	100,000

Instructions:

1. Use the drop-down options and the fill-in the blank boxes to complete the financial statement.
2. If applicable, use a negative sign with your answer to indicate an excess of expenditures over revenues, a transfer out, or total other financing uses. Other wise do not use negative signs with your answers.
3. For the indented drop-down answer boxes, if there are two possible correct answers, select answers in the order that they appear in the above table.

Answer 1