00 8 2 points ellook References The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $107,000; Taxes Receivable, $210,500; Accounts Payable, $62,750; and Fund Balance, $254,750. 2. The budget was passed. Estimated revenues amounted to $1,370,000 and appropriations totaled $1,364,600. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $985,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $955,000 for property taxes and $332,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $119,750. 6. Contracted services were performed relating to $106,500 of the contracts with invoices amounting to $102,100. 7. Other expenditures amounted to $1,026,500. 8. Accounts payable were paid in the amount of $1,187,000. 9. 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. Complete this question by entering your answers in the tabs below. 8 Complete this question by entering your answers in the tabs below. 2 points eBook Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet References < 1 2 3 4 5 6 7 8..... 12 Beginning balances were: Cash, $107,000; Taxes Receivable, $210,500; Accounts Payable, $62,750; and Fund Balance, $254,750. Note: Enter debits before credits Transaction 01 General Journal Debit Credit + View general journal Record entry Clear entry k Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet ces < 1 3 4 5 67 12 The budget was passed. Estimated revenues amounted to $1,370,000 and appropriations totaled $1,364,600. All expenditures are classified as General Government. Note: Enter debits before credits. Transaction 02 General Journal Debit Credit Record entry Clear entry View general journal 8 Complete this question by entering your answers in the tabs below. 2 points Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list eBook References Journal entry worksheet 2 4 5 6 7 8 12 Property taxes were levied in the amount of $985,000. All of the taxes are expected to be collected before February 2021. Note: Enter debits before credits Transaction 03 General Journal Debit Credit Record entry Clear entry View general journal 2 8 Complete this question by entering your answers in the tabs below. Required A Required B Required C points Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list ellook Journal entry worksheet References < 1 2 3 5 6 7 12 Cash receipts totaled $955,000 for property taxes and $332,500 from other revenue. Note: Enter debits before credits. Transaction 04 General Journal Debit Credit Record entry Clear entry View general journal 8 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list eBook Journal entry worksheet eferences < 1 2 3 4 6 7 Contracts were issued for contracted services in the amount of $119,750. Note: Enter debits before credits Transaction 05 12 General Journal Debit Credit Record entry Clear entry View general journal 2 8 points Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)) Book View transaction list Journal entry worksheet References < 1 2 3 5 7 Record the invoices amounting to $102,100 from the contracts. Note: Enter debits before credits Transaction 12 General Journal Debit Credit Record entry Clear entry View general journal Check 00 8 Complete this question by entering your answers in the tabs below. points Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list eBook References Journal entry worksheet 2 3 4 5 6 Record the Contracted services of $106,500 as performed. Note: Enter debits before credits. Transaction 6b 8 12 > General Journal Debit Credit Record entry Clear entry View general journal 8 Complete this question by entering your answers in the tabs below. Required A Required B Required C ints eBook Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet references < 1 2 3 4 5 6 7 Other expenditures amounted to $1,026,500. Note: Enter debits before credits Transaction 07 12 12 General Journal Debit Credit View general journal Record entry Clear entry Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Bok nces Journal entry worksheet 1 5 6 7 8 9 12 Accounts payable were paid in the amount of $1,187,000. Note: Enter debits before credits. Transaction 08 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet ces < 1 5 6 7 8 9 10 12 Record the closing entries. Record the transfer of revenues to the relevant control account. Note: Enter debits before credits. Transaction 9a General Journal Debit Credit Record entry Clear entry View general journal 8 Complete this question by entering your answers in the tabs below. Required A Required B Required C nts eBook Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list references i Journal entry worksheet < 1 .... 5 6 7 89 10 11 12 Record the closing entries. Record the transfer of encumbrances control account. Note: Enter debits before credits. Transaction 9b General Journal Debit Credit Record entry Clear entry View general journal 8 Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list eBook Journal entry worksheet ferences < 1 5 6 7 8 9 10 11 12 Record the closing entries. Record the closure of revenues and expenditure to fund balance. Note: Enter debits before credits Transaction 9c General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. CITY OF BUFFALO FALLS-GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: Total Revenues Expenditures: Current: Total Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 311 < Required A Required C > 8 Complete this question by entering your answers in the tabs below. Required A Required B Required C oints eBook References 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. (Leave no cells blank be certain to enter 0" wherever required.) CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Total Liabilities Fund Balances: Nonspendable Total Fund Balances Total Liabilities. Deferred Inflows and Fund Ralances