The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020 Beginning balances were Cash, $100,000 Taxes Receivable, $200,000 Accounts Payable, $57,500 and Fund Balance, $242,500 The budget was passed Estimated revenues amounted to $1,300,000 and appropriations totaled $1,296,000 All expenditures are classified as General Government Property taxes were levied in the amount of $950,000 All of the taxes are expected to be collected before February 2021 Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue Contracts were issued for contracted services in the amount of $107,500 Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000 Other expenditures amounted to $995,000 Accounts payable were paid in the amount of $1,140,000 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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The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: Beginning balances were: Cash,

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

Beginning balances were: Cash, $100,000; Taxes Receivable, $200,000; Accounts Payable, $57,500; and Fund Balance, $242,500.
The budget was passed. Estimated revenues amounted to $1,300,000 and appropriations totaled $1,296,000. All expenditures are classified as General Government.
Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021.
Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue.
Contracts were issued for contracted services in the amount of $107,500.
Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000.
Other expenditures amounted to $995,000.
Accounts payable were paid in the amount of $1,140,000.
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.