The City of Jackson Hole adopted (via a city council vote) t…

The City of Jackson Hole adopted (via a city council vote) 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   Other Financing Sources Interfund transfers in $ 300,000   Prepare a summary general journal entry to record the adopted budget at the beginning of the fiscal year.   Using the journal entry you have prepared match the account titles with its corresponding debit or credit and amount.  Some account titles may not have a matching debit or credit and amount.  For these, the proper answer would be “Not Applicable to Budget Accounting”

The following three matching questions are related.   Each q…

The following three matching questions are related.   Each question relates to the City of Jackson Hole and the accounting for budgetary items/transactions.  Students will use the matching answers to effectively build a journal entry for the related budgetary related transactions.  Not all account titles presented in the matching questions will have an answer with a corresponding debit or credit and amount.  They are essentially accounts not needed to complete the correct journal entry.  These account titles should receive an answer of “Not Applicable…”.  Accordingly, every account title provided will receive an answer…1) a debit or credit and amount or 2) a “Not Applicable…” response.