The City of Jackson Hole adopted the following General Fund…
The City of Jackson Hole adopted the following General Fund budget for the Fiscal year: Estimated revenues: Taxes $ 3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 ————- Total estimated revenues $ 4,650,000 Appropriations: General government $ 1,000,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous revenues 50,000 —————– Total appropriations $ 4,850,000 Prepare a summary general journal entry to record the adopted budget at the beginning of the fiscal year. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)