Q1)

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, $100,000; Taxes Receivable, $200,000; Accounts Payable, $57,500; and Fund Balance, $242,500.
2. The budget was passed. Estimated revenues amounted to $1,300,000 and appropriations totaled $1,296,000. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue.
5. Contracts were issued for contracted services in the amount of $107,500.
6. Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000.
7. Other expenditures amounted to $995,000.
8. Accounts payable were paid in the amount of $1,140,000.
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.