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4 - 7 . The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 3 1
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December :
Beginning balances were: Cash, $; Taxes Receivable, $; Accounts Payable, $; and Fund Balance, $
The budget was passed. Estimated revenues amounted to $ and appropriations totaled $ All expenditures are classified as General Government.
Property taxes were levied in the amount of $ All of the taxes are expected to be collected before February
Cash receipts totaled $ for property taxes and $ from other revenue.
Contracts were issued for contracted services in the amount of $
Contracted services were performed relating to $ of the contracts with invoices amounting to $
Other expenditures amounted to $
Accounts payable were paid in the amount of $
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.
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