es 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, $98,000; Taxes Receivable, $197,000; Accounts Payable, $56,000; and Fund Balance, $239,000. 2. The budget was passed. Estimated revenues amounted to $1,280,000 and appropriations totaled $1,276,400. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $940,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $910,000 for property taxes and $310,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $104,000. 6. Contracted services were performed relating to $93,000 of the contracts with invoices amounting to $96,400. 7. Other expenditures amounted to $986,000. 8. Accounts payable were paid in the amount of $1,130,000. 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. ces Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 12 Beginning balances were: Cash, $98,000; Taxes Receivable, $197,000; Accounts Payable, $56,000; and Fund Balance, $239,000. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet > 1 3 4 5 6 7 8 ..... 12 The budget was passed. Estimated revenues amounted to $1,280,000 and appropriations totaled $1,276,400. All expenditures are classified as General Government. Note: Enter debits before credits. Transaction 02 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8..... 12 Property taxes were levied in the amount of $940,000. All of the taxes are expected to be collected before February 2021. Note: Enter debits before credits. Transaction 03 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 6 7 8 12 Cash receipts totaled $910,000 for property taxes and $310,000 from other revenue. Note: Enter debits before credits. Transaction 04 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 8 ..... 12 Contracts were issued for contracted services in the amount of $104,000. Note: Enter debits before credits. Transaction 05 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 7 12 Record the invoices amounting to $90,400 from the contracts. Note: Enter debits before credits. Transaction 6a General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 4 5 6 8 12 Record the Contracted services of $93,000 as performed. ces Note: Enter debits before credits. Transaction 6b General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 12 Other expenditures amounted to $986,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 07 Record entry Clear entry View general journal Journal entry worksheet < 1 ... 4 5 6 7 8 9 12 . Accounts payable were paid in the amount of $1,130,000. Note: Enter debits before credits. Transaction 08 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ... 5 6 7 8 9 10 10 12 . Record the closing entries. Record the transfer of revenues to the relevant control account. Note: Enter debits before credits. Transaction 9a General Journal Debit Credit Record entry Clear entry View general journal < 1 ... 5 6 7 8 6 10 11 12 Record the closing entries. Record the transfer of encumbrances control account. Note: Enter debits before credits. Transaction 9b General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ... 5 6 7 8 9 10 10 11 12 12 Record the closing entries. Record the closure of revenues and expenditure to fund balance. Note: Enter debits before credits. Transaction 9c General Journal Debit Credit K Record entry Clear entry View general journal Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General F CITY OF BUFFALO FALLS-GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: ces Total Revenues Expenditures: Current: Total Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance. Fund Balance, January 1 Fund Balance, December 31 $ 0 0 0 0 are committed by contractual obligation. (Leave no cells blank - be certain to enter 0" wherever required.) or assigned net resources and outstanding CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Total Liabilities Fund Balances: Nonspendable $ 0 Total Fund Balances 0 Total Liabilities, Deferred Inflows, and Fund Balances $ 0 0