2C. 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, $109,000; Taxes Receivable, $213,500; Accounts Payable, $64,250; and Fund Balance, $258,250.
2. The budget was passed. Estimated revenues amounted to $1,390,000 and appropriations totaled $1,384,200. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $995,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $965,000 for property taxes and $337,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $123,250.
6. Contracted services were performed relating to $109,500 of the contracts with invoices amounting to $104,700.
7. Other expenditures amounted to $1,035,500.
8. Accounts payable were paid in the amount of $1,202,000.
9. The books were closed.

2C. 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.)

\begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ CITY OF BUFFALO FALLS } \\ \hline \multicolumn{2}{|l|}{ General Fund } \\ \hline \multicolumn{2}{|l|}{ Balance Sheet } \\ \hline \multicolumn{2}{|l|}{ As of December 31,2020} \\ \hline \multicolumn{2}{|l|}{ Assets } \\ \hline \multicolumn{2}{|l|}{7} \\ \hline \\ \hline \multicolumn{2}{|l|}{ L } \\ \hline \multicolumn{2}{|l|}{ Total Assets } \\ \hline \multicolumn{2}{|l|}{ Liabilities, Deferred Inflows, and Fund Balances } \\ \hline \multicolumn{2}{|l|}{ Liabilities: } \\ \hline \multicolumn{2}{|r|}{} \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total Liabilities } \\ \hline \multicolumn{2}{|l|}{ Fund Balances: } \\ \hline \multicolumn{2}{|l|}{ Nonspendable } \\ \hline \\ \hline \\ \hline \\ \hline \multicolumn{2}{|l|}{ Total Fund Balances } \\ \hline Total Liabilities, Deferred Inflows, and Fund Balances & \\ \hline \end{tabular}