The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

Beginning balances were: Cash, $101,000; Taxes Receivable, $201,500; Accounts Payable, $58,250; and Fund Balance, $244,250.

The budget was passed. Estimated revenues amounted to $1,310,000 and appropriations totaled $1,305,800. All expenditures are classified as General Government.

Property taxes were levied in the amount of $955,000. All of the taxes are expected to be collected before February 2021.

Cash receipts totaled $925,000 for property taxes and $317,500 from other revenue.

Contracts were issued for contracted services in the amount of $109,250.

Contracted services were performed relating to $97,500 of the contracts with invoices amounting to $94,300.

Other expenditures amounted to $999,500.

Accounts payable were paid in the amount of $1,147,500.

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