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Please complete all of Part B and C and the following parts for part a: Part A: 4. Cash receipts totaled $910,000 for property taxes
Please complete all of Part B and C and the following parts for part a:
Part A:
4. Cash receipts totaled $910,000 for property taxes and $310,000 from other revenue.
6a. Record the invoices amounting to $90,400 from the contracts.
6b. Record the Contracted services of $93,000 as performed.
9b. Record the transfer of encumbrances control account.
9c. Record the closure of revenues and expenditures to fund balance.
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. ues 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 $90,400. 7. Other expenditures amounted to $986,000. 8. Accounts payable were pald 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. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required A Required B Required Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the CITY OF BUFFALO FALLS - GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: Property Taxes Other Revenues Total Revenues Expenditures: Current: General Government Expenditures 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 Required A Required B Required Prepare a Balance Sheet for the General Fund assuming there are no restricted encumbrances are committed by contractual obligation. (Leave no cells blank. CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Cash Taxes Receivable-Gross Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Accounts Payable Total Liabilities Fund Balances: Nonspendable Committed-Contract Services Unassigned Total Fund Balances Total Liabilities, Deferred Inflows, and Fund Balances
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