The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December $31,2024$: The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December $31,2024$:

Beginning balances were: Cash, $$104,000$; Taxes Recelvable, $$206,000$; Accounts Payable, $$60,500$; and Fund Balance, $$249,500.$

The budget was passed. Estimated revenues amounted to $$1,340,000$ and approprlations totaled $$1,335,200.$ All expenditures are classlfied as General Government.

Property taxes were levied in the amount of $$970,000.$ All of the taxes are expected to be collected before February $2025.$

Cash recelpts totaled $$940,000$ for property taxes and $$325,000$ from other revenue.

Contracts were issued for contracted services in the amount of $$114,500.$

Contracted services were performed relating to $$102,000$ of the contracts with Involces amounting to $$98,200.$

Other expenditures amounted to $$1,013,000.$

Accounts payable were pald In the amount of $$1,164,500.$

The books were closed.

Requlred:

a$.$ Prepare journal entries for the above transactlons.

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.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required A

Required $B$

Required $C$

Prepare journal entries for the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[$A$,01,$No Journal Entry Required,$\backslash$theta $],[$B$,02,$Estimated Revenues,$\backslash$theta $,1,340,000(,],[,$Appropriations,$\backslash$theta $,,1\mathrm{.}335\mathrm{.}200],[,$Budgetary Fund Balance,O$,,4,800],[$c$,03,$Taxes Receivable,$\backslash$theta $,970,000,],[,$Estimated Revenues,x$,,970,000],[$D$,04,$Cash,,$1,265,000,],[,$Taxes Receivable,O$,,940,000],[,$Other Revenues,$0,,325,000],[$E$,05,$Encumbrances,$\backslash$theta $,114,500,],[,$Estimated Revenues,ox$,,114,500],[$F$,6$a$,$Budgetary Fund Balance$-$Reserve for Encumbrance:,ox$,98,2000,],[,$Encumbrances,x$,,98\mathrm{.}200],[$G$,6$b$,$General Government Expenditures,ox$,102,000,],[,$Accounts Payable,ox$,,102,000],[$H$,07,$General Government Expenditures,$\backslash$theta $,1,013,000,],[,$Accounts Payable,$0,,1,013,000],[$l$,08,$Accounts Payable,$\backslash$theta $,1,164,500,],[,$Cash,$0,,1,164,500],[$J$,9$a$,$Appropriations,$0,,],[,$Budgetary Fund Balance,$\backslash$theta $,,],[,$Estimated Revenues,$\backslash$theta $,,],[$K$,9$b$,$Budgetary Fund Balance,ox$,,],[,$Encumbrances,$0,,],[$L$,9$c$,$Other Revenues,$0,,],[,$Encumbrances,x$,,],[,$Fund Balance,$0,,]]$

Required A

Required B $>$

Beginning balances were: Cash, $$104,000$; Taxes Receivable, $$206,000$; Accounts Payable, $$60,500$; and Fund Balance, $$249,500.$

The budget was passed. Estimated revenues amounted to $$1,340,000$ and appropriations totaled $$1,335,200.$ All expenditures are classified as General Government.

Property taxes were levied in the amount of $$970,000.$ All of the taxes are expected to be collected before February $2025.$

Cash receipts totaled $$940,000$ for property taxes and $$325,000$ from other revenue.

Contracts were issued for contracted services in the amount of $$114,500.$

Contracted services were performed relating to $$102,000$ of the contracts with invoices amounting to $$98,200.$

Other expenditures amounted to $$1,013,000.$

Accounts payable were paid in the amount of $$1,164,500.$

The books were closed.

Required:

Prepare journal entries for the above transactions.

Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.

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.