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, $93,000; Taxes Receivable, $189,500; Accounts Payable, $52,250; and Fund Balance, $230,250. 2. The budget was passed. Estimated revenues amounted to $1,230,000 and appropriations totaled $1,227,400. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $915,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $885,000 for property taxes and $297,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $95,250. 6. Contracted services were performed relating to $85,500 of the contracts with invoices amounting to $83,900. 7. Other expenditures amounted to $963,500. 8. Accounts payable were paid in the amount of $1,092,500. 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. No Transaction General Journal Debit Credit 1 01 No Journal Entry Required 2 02 1,230,000 Estimated Revenues Appropriations Budgetary Fund Balance 1,227,400 2,600 3 03 915,000 Taxes Receivable Estimated Revenues 915,000 04 1,182,500 Cash Taxes Receivable Estimated Revenues 885,000 297,500 5 05 95,250 Encumbrances Budgetary Fund Balance-Reserve for Encumbrances 95,250 6 6a 83,900 Budgetary Fund Balance-Reserve for Encumbrances Encumbrances 83,900 7 6b X 85,500 General Government Expenditures Accounts Payable 85,500 8 07 963,500 General Government Expenditures Accounts Payable 963,500 9 08 1,092,500 Accounts Payable Cash 1,092,500 9 08 1,092,500 Accounts Payable Cash 1,092,500 10 9 1,227,400 Appropriations Budgetary Fund Balance Estimated Revenues 2,600 1,230,000 11 9b 9.750 Budgetary Fund Balance-Reserve for Encumbrances Encumbrances 9.750 12 9c 1,212,500 Estimated Revenues General Government Expenditures Fund Balance 1,047,400 165,100 Required A Required B Required C Prepare a statement of Revenues, Expenditures, and Changes in Fund Balanc 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 915,000 Other Revenues 297,500 1,212,500 Total Revenues Expenditures: Current General Government Expenditures Other Expenditures Total Expenditures 83.900 963,500 1,047,400 165,100 Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 230,250 $ 230,250