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, $251,250. 2. The budget was passed. Estimated revenues amounted to $1,350,000 and appropriations totaled $1,345,000. All expenditures are 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 journal entries for the above transactions. (If no entry is required for a transaction/event, selec the first account field.) View transaction list Journal entry worksheet