Answer Key: Please use one of the following....

Answer Key: Please use one of the following for corrections please...

Answer Key: Please use one of the following for corrections:

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, $110,000; Taxes Receivable, $215,000; 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. Journal entry worksheet Cash receipts totaled $970,000 for property taxes and $340,000 from other revenue. Note: Enter debits before credits. Record the closing entries. Record the closure of revenues and expenditure to fund balance. Note: Enter debits before credits. No Journal Entry Required Accounts Payable Accrued Wages Payable Appropriations Budgetary Fund Balance Budgetary Fund Balance-Reserve for Encumbrances Cash Due to General Fund Encumbrances Estimated Revenues Fund Balance General Government Expenditures Other Revenues Property Tax Revenue Taxes Receivable Wk 2 - Apply: Exercise 4-7 [due Day 7] i Accounts Payable Appropriations Budgetary Fund Balance Budgetary Fund Balance-Reserve for Encumbrances Cash Encumbrances Estimated Revenues Excess of Revenues Over Expenditures General Government Expenditures Other Expenditures Other Revenues Property Taxes Taxes Receivable Accounts Payable Appropriations Budgetary Fund Balance Budgetary Fund Balance-Reserve for Encumbrances Cash Committed-Contract Services Encumbrances General Government Expenditures Other Expenditures Property Taxes Taxes Receivable-Gross Unassigned 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, $110,000; Taxes Receivable, $215,000; 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. Journal entry worksheet Cash receipts totaled $970,000 for property taxes and $340,000 from other revenue. Note: Enter debits before credits. Record the closing entries. Record the closure of revenues and expenditure to fund balance. Note: Enter debits before credits. No Journal Entry Required Accounts Payable Accrued Wages Payable Appropriations Budgetary Fund Balance Budgetary Fund Balance-Reserve for Encumbrances Cash Due to General Fund Encumbrances Estimated Revenues Fund Balance General Government Expenditures Other Revenues Property Tax Revenue Taxes Receivable Wk 2 - Apply: Exercise 4-7 [due Day 7] i Accounts Payable Appropriations Budgetary Fund Balance Budgetary Fund Balance-Reserve for Encumbrances Cash Encumbrances Estimated Revenues Excess of Revenues Over Expenditures General Government Expenditures Other Expenditures Other Revenues Property Taxes Taxes Receivable Accounts Payable Appropriations Budgetary Fund Balance Budgetary Fund Balance-Reserve for Encumbrances Cash Committed-Contract Services Encumbrances General Government Expenditures Other Expenditures Property Taxes Taxes Receivable-Gross Unassigned