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, $90,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $225,000 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,198,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $900,000. All of the taxes are expected to be collected before February 2021 . 4. Cash receipts totaled $870,000 for property taxes and $290,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $90,000. 6. Contracted services were performed relating to $81,000 of the contracts with invoices amounting to $80,000. 7. Other expenditures amounted to $950,000. 8. Accounts payable were paid in the amount of $1,070,000. 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. CITY OF BUFFALO FALLS - GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 \begin{tabular}{|l|l|} \hline Revenues: & \\ \hline & \\ \hline & \\ \hline Total Revenues & \\ \hline Expenditures: & \\ \hline Current: & \\ \hline & \\ \hline & \\ \hline Total Expenditures & \\ \hline & \\ \hline Other Financing Sources (Uses) & \\ \hline Total Other Financing Sources (Uses) & \\ \hline Net Change in Fund Balance & \\ \hline Fund Balance, January 1 & \\ \hline Fund Balance, December 31 & \\ \hline \end{tabular} CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Total Liabilities $ 0 \begin{tabular}{|l|} \hline \\ \hline$0 \\ \hline \hline \end{tabular} 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, $90,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $225,000 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,198,000. All expenditures are classified as General Government. 3. Property taxes were levied in the amount of $900,000. All of the taxes are expected to be collected before February 2021 . 4. Cash receipts totaled $870,000 for property taxes and $290,000 from other revenue. 5. Contracts were issued for contracted services in the amount of $90,000. 6. Contracted services were performed relating to $81,000 of the contracts with invoices amounting to $80,000. 7. Other expenditures amounted to $950,000. 8. Accounts payable were paid in the amount of $1,070,000. 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. CITY OF BUFFALO FALLS - GENERAL FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 \begin{tabular}{|l|l|} \hline Revenues: & \\ \hline & \\ \hline & \\ \hline Total Revenues & \\ \hline Expenditures: & \\ \hline Current: & \\ \hline & \\ \hline & \\ \hline Total Expenditures & \\ \hline & \\ \hline Other Financing Sources (Uses) & \\ \hline Total Other Financing Sources (Uses) & \\ \hline Net Change in Fund Balance & \\ \hline Fund Balance, January 1 & \\ \hline Fund Balance, December 31 & \\ \hline \end{tabular} CITY OF BUFFALO FALLS General Fund Balance Sheet As of December 31, 2020 Assets Total Assets Liabilities, Deferred Inflows, and Fund Balances Liabilities: Total Liabilities $ 0 \begin{tabular}{|l|} \hline \\ \hline$0 \\ \hline \hline \end{tabular}