Check 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. 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 Complete this question by entering your answers in the tabs below. Renured A Required Renuired and II TO UUTTGT 01 109,000 213,500 Cash Taxes Receivable Accounts Payable Due to General Fund x x 64,250 258,250 02 No Transaction Recorded 03 30,000 965,000 Taxes Receivable Cash Property Tax Revenue X 995,000 X 337.500 04 Cash Other Revenues 337,500 05 No Transaction Recorded 109.500 General Government Expenditures 1 035.500 Beginning balances were: Cash, $109,000; Taxes Receivable, $213,500; Accounts Payable, $64,250; and Fund Balance, $258,250. w 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. Cash receipts totaled $965,000 for property taxes and $337,500 from other revenue. BA: 5 Contracts were issued for contracted services in the amount of $123,250. Record the invoices amounting to $104,700 from the contracts. Record the Contracted services of $109,500 as performed Other expenditures amounted to $1,035,500. 9 Accounts payable were paid in the amount of $1,202,000. 10 Record the transfer of revenues to the relevant control account 9 Accounts payable were paid in the amount of $1,202,000. 10 Record the transfer of revenues to the relevant control account. 11 Record the transfer of encumbrances control account. 12 Record the closure of revenues and expenditure to fund balance. Note : journal entry has been entered 6 6 General Government Expenditures