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, $92,000; Taxes Receivable, $188,000; Accounts Payable, $51,500; and Fund Balance, $228,500. 2. The budget was passed. Estimated revenues amounted to $1,220,000 and appropriations totaled $1,217,600. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $910,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $880,000 for property taxes and $295,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $93,500. 6. Contracted services were performed relating to $84,000 of the contracts with invoices amounting to $82,600. 7. Other expenditures amounted to $959,000. 8. Accounts payable were paid in the amount of $1,085,000. 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. 1 01 2 02 22 3 4 33 03 No Journal Entry Required Estimated Revenues Appropriations Budgetary Fund Balance Taxes Receivable Property Tax Revenue 04 g Cash Taxes Receivable 5 05 50 6 Other Revenues Encumbrances Budgetary Fund Balance-Reserve for Encumbrances 6a General Government Expenditures Accounts Payable 7 6b 69 8 1,220,000 1,217,600 2,400 910,000 910,000 1,175,000 880,000 295,000 93,500 93,500 82,600 82,600 Budgetary Fund Balance-Reserve for Encumbrances 84,000 Encumbrances 84,000 10 07 General Government Expenditures Accounts Payable 959,000 959,000 8 07 General Government Expenditures 959,000 Accounts Payable 959,000 9 08 Accounts Payable Cash 1,085,000 1,085,000 10 9a 11 9b 90 Appropriations Budgetary Fund Balance Estimated Revenues Budgetary Fund Balance-Reserve for Encumbrances Encumbrances 12 9c Other Revenues Property Tax Revenue Fund Balance < Required A Required B > 1,217,600 2,400 1,220,000 4,600 4,600 0 Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. CITY OF BUFFALO FALLS - GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: Property Taxes Other Revenues Total Revenues Expenditures: Current: General Government Expenditures Total Expenditures Excess of Revenues Over Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 $ 910,000 295,000 1,205,000 1,041,600 1,041,600 163,400 0 228,500 $ 228,500 < Required A Required C >