1.Beginning balances were: Cash, $110,000; Taxes Receivable, $251,000, Accounts payable,$65,000; and Fund Balance, $260,000.

2. The budget was passed, Estimated revenues amounted to $1,400,000 and appropriations totaled $1,394,000. All expenditures are classified as General Government.

3. Property taxes were levied in the amount of $ 1,000,000. All of the taxes are expected to be collected before February 2021.

4. Cash receipts totaled $ 970,000 for property taxes and $ 340,000 from other revenue.

5. Contracts were issued for contracted services in the amount of $125,000.

6. Contracted services were performed relating to $111,000 of the contracts with invoices amounting to $106,000

7. Other expenditures amounted to $1,040,000

8. Accounts payable were paid in the amount of $1,204,000.

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.