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, $95.000; Taxes Receivable, $192,500; Accounts Payable, $53,750, and Fund Balance, $233,750. 2. The budget was passed. Estimated revenues amounted to $1,250,000 and appropriations totaled $1,247,000. All expenditures are classified as General Government 3. Property taxes were levied in the amount of $925,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $895,000 for property taxes and $302,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $98,750. 6. Contracted services were performed relating to $88,500 of the contracts with invoices amounting to $86,500. 7. Other expenditures amounted to $972,500. 8. Accounts payable were paid in the amount of $1,107,500. 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. CITY OF BUFFALO FALLS - GENERAL FUND CITY OF BUFFALO FALLS Statement of Revenues, Expenditures, and Changes General Fund in Fund Balance For the Year Ended December 31, 2020 Balance Sheet Revenues: As of December 31, 2020 Property Taxes $ 925,000 Assets Other Revenues $ 302,500 Cash Total Revenues $ 1,227,500 Taxes Receivable-Gross Expenditures: Total Assets Liabilities, Deferred Inflows, and Current: Fund Balances General Government Expenditures $ 972,500 Liabilities: Taxes Receivable $ 972,500 Accounts Payable Total Expenditures Total Liabilities Other Financing Sources (Uses) Fund Balances: Total Other Financing Sources (uses) Nonsrendable Net Change in Fund Balance Committed-Contract Services Fund Balance Jan. 1 Unassigned Fund Balance Dec 31 Total Fund Balances Total Liabilities, Deferred Inflows, and Fund Balances