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 Journal entry worksheet 1 2 3 4 5 6 7 8 DOOR 12 Beginning balances were: Cash, $95,000; Taxes Receivable, $192,500; Accounts Payable, $53,750; and Fund Balance, $233,750. Note: Enter debits before credits. General Journal Transaction 01 Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 12 The budget was passed. Estimated revenues amounted to $1,250,000 and appropriations totaled $1,247,000. All expenditures are classified as General Government. Note: Enter debits before credits Transaction General Journal Debit Credit 02 Record entry Clear entry View general Journal