Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of school year 2019 (which runs from July 1, 2018 to June 30, 2019) the fund balance is $280,000. The approved budget for 2019 follows.

Estimated Revenues
Property taxes $3,000,000
Intergovernmental revenues 900,000Miscellaneous income 50,000
Appropriations
Administration $ 300,000
Instruction 2,600,000
Pensions, other benefits 400,000
Transportation 200,000
Building maintenance 190,000
School supplies 220,000
All other expenditures 70,000
a. Prepare the journal entry to record the approved budget.
b. What will be the size of the fund balance at the end of the year if actual revenues and expenditures are exactly as budgeted?