Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances

image text in transcribed

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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 45678 Beginning balances were: Cash, $95,000; Taxes Receivable, $192,500; Accounts Payable, $53,750; and Fund Balance, $233,750. 12

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Reporting and Analysis

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd edition

9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828

More Books

Students also viewed these Accounting questions

Question

Discuss the roles of metacognition in learning and remembering.

Answered: 1 week ago

Question

11. LO.1 What is meant by the term petitioner?

Answered: 1 week ago