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, $101,000; Taxes Receivable, $201,500; Accounts Payable, $58,250; and Fund Balance, $244,250. 2. The budget was passed. Estimated revenues amounted to $1,310,000 and appropriations totaled $1,305,800. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $955,000. All of the taxes are expected to be collected before February 2021. 4. Cash receipts totaled $925,000 for property taxes and $317,500 from other revenue. 5. Contracts were issued for contracted services in the amount of $109,250. 6. Contracted services were performed relating to $97,500 of the contracts with Invoices amounting to $94,300. 7. Other expenditures amounted to $999,500. 8. Accounts payable were pald in the amount of $1,147,500. 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. Required A Required B Required 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 General Journal Debit Credit Transaction 01 1 No Journal Entry Required 2 02 1,310.000 Estimated Revenues Appropriations Budgetary Fund Balance 103.800 X > 4,200 3 03 955,000 Taxes Receivable Other Revenues X 955.000 4 04 Cash 1,242,500 Taxes Receivable Other Revenues OOO 925.000 317.500 5 05 Encumbrances 109.250 > X Budgetary Fund Balance 109,250 X 6 6a Budgetary Fund Balance 97,500 Encumbrances 97.500 7 Ob General Government Expenditures 94.300 Accounts Payable 94,300 8 07 > 999,500 General Government Expenditures Accounts Payable 999.500 9 08 Accounts Payable 1.147.500 IS Cash 1.147.500 10 ga Appropriations Budgetary Fund Balance Estimated Revenues 1,305,800 4,200 1.310.000 11 9b Budgetary Fund Balance-Reserve for Encumbrances 11,750 Encumbrances 11,750 12 9c 1,242,500 Other Revenues General Government Expenditures Fund Balance 1,093,800 XX 148,700 Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fun 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 Other Revenues IS 925.000 X 317,500 1,242,500 Total Revenues Expenditures: > 94,300 X Current: General Government Expenditures Other Expenditures Total Expenditures Excess of Revenues Over Expenditures 999,500 1,093,800 148,700 > Other Financing Sources (Uses) Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 148.100 X 244,250 $ 392,350 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a Balance Sheet for the General Fund assuming there are no restricted or as encumbrances are committed by contractual obligation. (Leave no cells blank - be ce CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Cash 196.000 Taxes Receivable-Gross 201.500 S 397,500 Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Accounts Payable S 4,550 Total Liabilities 4,550 Fund Balances: Nonspendable Committed-Contract Services 0 11,750 380,600 Total Fund Balances Total Liabilities. Deferred Inflows, and Fund Balances 392,350 398,900 IS