P-2. The City of Jackson Hole adopted the following General Fund budget for fiscal year 2017:

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 50,000

Total appropriations $4,850,000

Required

Prepare a summary general journal entry to record the adopted budget at the beginning of FY 2017. You may ignore entries in the subsidiary ledger accounts.

P-3. Prepare journal entries for the following related transactions in the fund and activity journals affected:

1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue.

2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction.

3. A construction contract was awarded in the amount of $5,200,000.

4. A bill was received from the contractor for $2,600,000.

5. The contractors bill is paid. 5% retainage is withheld.

6. The park renovations were completed and the final bill of $2,600,000 was received. The contractors bill and retainages are approved for payment in full. Total construction expenditures were allocated as follows: $5,000,000 to building, and the remainder to equipment.

7. The capital projects fund temporary accounts were closed, and the capital projects fund was closed by transferring remaining funds to the debt service fund for use in debt repayment.