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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

4-7. The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31,2024:
Beginning balances were: Cash, $95,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $230,000.
The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,197,500. All expenditures are classified as General Government.
Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2025.
Cash receipts totaled $870,000 for property taxes and $272,000 from other revenue.
Contracts were issued for contracted services in the amount of $90,000.
Contracted services were performed relating to $82,000 of the contracts with invoices amounting to $81,500.
Other expenditures amounted to $947,000.
Accounts payable were paid in the amount of $1,070,000.
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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