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, $97,000; Taxes Receivable, $195,500; Accounts Payable, $55,250; and Fund Balance, $237,250.
2. The budget was passed. Estimated revenues amounted to $1,270,000 and appropriations totaled $1,266,600. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $935,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $905,000 for property taxes and $307,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $102,250.
6. Contracted services were performed relating to $91,500 of the contracts with invoices amounting to $89,100.
7. Other expenditures amounted to $981,500.
8. Accounts payable were paid in the amount of $1,122,500.
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.

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