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, $96,000; Taxes Receivable, $194,000; Accounts Payable, $54,500; and Fund Balance, $235,500.
2. The budget was passed. Estimated revenues amounted to $1,260,000 and appropriations totaled $1,256,800. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $930,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $900,000 for property taxes and $305,000 from other revenue.
5. Contracts were issued for contracted services in the amount of $100,500.
6. Contracted services were performed relating to $90,000 of the contracts with invoices amounting to $87,800.
7. Other expenditures amounted to $977,000.
8. Accounts payable were paid in the amount of $1,115,000.
9. The books were closed.

Required:

a.Prepare journal entries for the above transactions.

No Transaction General Journal Debit Credit 1 01 Estimated Revenues x 1,260,000 Appropriations 1,258.800 Budgetary Fund Balance 3.200 2 02 Taxes Receivable 930.000( X Other Revenues X 930.000( X X 3 03 Cash 1.205,000( X Taxes Receivable X 900.000( x Other Revenues 305,000 04 Encumbrances 100.500 % Budgetary Fund Balance X X X 100.500 % X 5 25 Budgetary Fund Balance 20.000( x Encumbrances 20,000( x General Government Expenditures 87.800 Accounts Payable 87.800 7 General Government Expenditures 977.000( X Accounts Payable 977.000(X 8 07 Accounts Payable 1,115,000(x Cash X 1,115,000 x 9 Appropriations 1,258.800 % X X Budgetary Fund Balance 3.200 X Estimated Revenues 1,260,000 10 83 Budgetary Fund Balance-Reserve for Encumbrances X 10.500 X Encumbrances X 10.500 X 11 Estimated Revenues 1,235,000( x General Government Expenditures X 1.064.800 X Fund Balance 170.200 12 9c X X X XXX X