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, $107,000; Taxes Receivable, $210,500; Accounts Payable, $62,750; and Fund Balance, $254,750. 2. The budget was passed. Estimated revenues amounted to $1,370,000 and appropriations totaled $1,364,600. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $985,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $955,000 for property taxes and $332,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $119,750. 6. Contracted services were performed relating to $106,500 of the contracts with invoices amounting to $102,100. 7. Other expenditures amounted to $1,026,500. 8. Accounts payable were paid in the amount of $1,187,000. 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. Journal entry worksheet Beginning balances were: Cash, $107,000; Taxes Receivable, $210,500; Accounts Payable, $62,750; and Fund Balance, $254,750. Note: Enter debits before credits. CITY OF BUFFALO FALLS - GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 CITY OF BUFFALO FALLS \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ General Fund } & \\ \multicolumn{1}{|c|}{ Balance Sheet } \\ \hline \multicolumn{1}{|c|}{ Assets } & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Assets & \\ \hline Liabilities, Deferred Inflows, and Fund Balances & \\ \hline Liabilities: & \\ \hline & \\ \hline & \\ \hline Total Liabilities & \\ \hline Fund Balances: & \\ \hline Nonspendable & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Fund Balances & \\ \hline Total Liabilities, Deferred Inflows, and Fund Balances & \\ \hline \hline \end{tabular}