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The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:
Beginning balances were: Cash, $104,000; Taxes Receivable, $206,000; Accounts Payable, $60,500; and Fund Balance, $249,500.
The budget was passed. Estimated revenues amounted to $1,340,000 and appropriations totaled $1,335,200. All expenditures are classified as General Government.
Property taxes were levied in the amount of $970,000. All of the taxes are expected to be collected before February 2021.
Cash receipts totaled 0,000 for property taxes and $325,000 from other revenue.
Contracts were issued for contracted services in the amount of $114,500.
Contracted services were performed relating to $102,000 of the contracts with invoices amounting to $98,200.
Other expenditures amounted to $1,013,000.
Accounts payable were paid in the amount of $1,164,500.
The books were closed.
Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.
