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please answer the 2 tables with the information from the first photo. thanks! The following transactions relate to the General Fund of the City of

please answer the 2 tables with the information from the first photo. thanks! image text in transcribed
image text in transcribed
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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, $96,000; Taxes Recelvable, $194,000; Accounts Payable, $54,500; and Fund Balance, $235,500 2. The budget was passed. Estimated revenues amounted to $1,260,000 and appropriations totaled $1,256,800. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $930,000. All of the taxes are expected to be collected before February 2021 4. Cash receipts totaled $900,000 for property taxes and $305,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $100,500. 6. Contracted services were performed relating to $90,000 of the contracts with invoices amounting to $87,800. 7. Other expenditures amounted to $977,000. 8. Accounts payable were paid in the amount of $1,115,000. 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. se for the General Fund. 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. (Leave no cells blank - be certain to enter 0" wherever required.)

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