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. 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 Required Required A B 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.) No Transaction General Journal Debit Credit 1 01 Estimated Revenues X 1.260,000 Appropriations 1,256,800 Budgetary Fund Balance 3.200 2 02 x 930,00 Taxes Receivable Other Revenues xxx 930,000 X 3 03 Cash Taxes Receivable Other Revenues X]1.205.08 x 900,000x 305,000 4 04 100,50 X Encumbrances Budgetary Fund Balance 100,500X 5 05 x90,000 Budgetary Fund Balance Encumbrances 90.000X 6 General Government Expenditures Accounts Payable 87,800 xx xx x Sox xxx 87,800 7 6b General Government Expenditures X 977,00 977,00 X 8 07 Accounts Payable Cash x 1,115,0x 1,115,0 9 Appropriations Budgetary Fund Balance Estimated Revenues x 1,256,8X 3,200 1,260,000 10 ga Budgetary Fund Balance Encumbrances 10,500X X x 10.500 X XX 11 9b Other Revenues General Government Expenditures Fund Balance 1.235,0% 1,064.EX 170,200 12 9c No Journal Entry Required xx XXXX XX 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 $ 900,000 Other Revenues 305,000 1,205,000 Total Revenues Expenditures: Current: Appropriations Other Expenditures Total Expenditures Excess of Revenues Over Expenditures Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 87,800 977,000 1,064,800 140,200 235,500 375,700 611,200 $ Required A Required B Required 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.) CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Cash 186,000 Taxes Receivable-Gross 194,000 $ $ 380,000 Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Accounts Payable $ 4,300 4,300 Total Liabilities Fund Balances: Nonspendable CommittedContract Services Other Expenditures 10,500 365,200 Total Fund Balances Total Liabilities, Deferred Inflows, and Fund Balances 375,700 380,000 $