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.)
What will be an ideal response?
CITY OF JACKSON HOLE-JOURNAL ENTRIES
GENERAL LEDGER
| Debits | Credits |
| ESTIMATED REVENUES | 4,650,000 |
| BUDGETARY FUND BALANCE | 200,000 |
| APPROPRIATIONS | 4,850,000 |
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