Budgetary accounting. Given the following information, you have been asked to record the budget for the general fund of the city of Jackson. 1. Inflows for 2018 are expected to total $402,000 and...

Budgetary accounting. Given the following information, you have been asked to record the budget for the general fund of the city of Jackson.

1. Inflows for 2018 are expected to total $402,000 and include property tax revenue of $205,000, fines of $7,000, state grants of $90,000, and bond issue proceeds of $100,000.

2. Expenditures for general operations and equipment purchases for the year are estimated to be $500,000.