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, $105,000; Taxes Receivable, $207,500; Accounts Payable, $61,250; and Fund Balance, $251,2 2. The budget was passed. Estimated revenues amounted to $1,350,000 and appropriations totaled $1,345,000. All expenditures classified as General Government. 3. Property taxes were levied in the amount of $975,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $945,000 for property taxes and $327,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $116,250. 6. Contracted services were performed relating to $103,500 of the contracts with invoices amounting to $99,500. 7. Other expenditures amounted to $1,017,500. 8. Accounts payable were paid in the amount of $1,172,000. 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.Required A Required B Required C Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. Revenues: Total Revenues Expenditures: Current: E Total Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 Complete this question by entering your answers in the tabs below. Required A Required B Required 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. (Leave no cells blank - be certain to enter 0" wherever required.) Assets Total Assets Liabilities, Deferred Inows, and Fund Balances Liabilities: Total Liabilities Fund Balances: Nonspendable Total Fund Balances Total Liabilities, Deferred Inows, and Fund Balances 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 2 3 4 5 6 7 8 12 Beginning balances were: Cash, $105,000; Taxes Receivable, $207,500; Accounts Payable, $61,250; and Fund Balance, $251,250. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal